Buffett Buys Even More Phillips 66 (PSX), Steve Cohen Buys Some Energy Shares of His Own, Plus Two Other Bullish Moves

According to a Schedule 13D filing, Jeffrey Bronchick’s Cove Street Capital LLC currently owns 3.17 million shares of Forestar Group Inc. (NYSE:FOR), which make up 9.4% of the company’s total shares. This compares to the stake of 2.60 million shares revealed by the fund’s 13F for the third quarter. In February 2015, CSC and another shareholder of Forestar sealed an agreement with the real estate and oil and gas company, under which one incumbent director stepped down and two new directors were appointed to the company’s Board. At the same time, CSC and the other shareholder agreed on certain customary standstill provisions, which expired on February 1, 2016. As a result, CSC intends to work with Forestar Group Inc. (NYSE:FOR)’s management and the Board to continue enhancing shareholder value. The company conducts its business operations through three segments: real estate, oil and gas, and other natural resources.

Forestar’s revenue for the nine months that ended September 30 totaled $148.40 million, down from $226.46 million reported for the same period of the prior year. The company experienced negative top-line growth across all of its business segments during the first nine months of 2015. Nevertheless, Forestar appears to be financially healthy, considering its debt of $435.30 million, cash of $92.64 million, and net unused borrowing capacity of $283.82 million as of the end of the third quarter. The shares of Forestar are down by 37% over the past 12 months, after having lost nearly 19% in 2016 alone. Just recently, Clint Carlson of Carlson Capital reported ownership of 2.89 million shares of Forestar Group Inc. (NYSE:FOR), which account for 8.61% of the company’s shares.

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