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Slide #85. Forestar — Credo Petroleum
Forestar Group Inc. announced the completion of its acquisition of CREDO Petroleum Corporation or approximately $146 million in cash, excluding closing costs. The company funded the purchase with borrowings under its senior credit facility and available cash.
Forestar Group is a residential lot development company. Co. manages its operations through its real estate reporting segment. The majority of Co.'s real estate projects are single-family residential communities. Co. acquires land for use in its development operations. Co.'s land development work is performed by subcontractors. Co. monitors land development activities, participates in main decisions, coordinates the activities of subcontractors and suppliers, reviews the work of subcontractors and monitors compliance with building codes or other regulations. Co. also makes short term investments in finished lots and undeveloped land with the intent to sell these assets within a time period.
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Strong Buy (3.50 out of 4)
(ranked higher than approx. 65% of all stocks covered)
Based on Zacks ABR data;
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