Forum Energy Technologies, Inc. (FET) Shares Down 6.9%

Forum Energy Technologies, Inc. (NYSE:FET) fell 6.9% during mid-day trading on Thursday . The company traded as low as $14.25 and last traded at $14.25. 964,759 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 1,032,060 shares. The stock had previously closed at $15.30.

A number of brokerages recently issued reports on FET. BidaskClub upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Cowen and Company cut their price objective on Forum Energy Technologies from $15.00 to $11.00 and set a “market perform” rating for the company in a report on Tuesday, August 1st. Citigroup Inc. boosted their price objective on Forum Energy Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, October 5th. Barclays PLC lowered Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $24.00 to $16.00 in a report on Wednesday, July 12th. Finally, Capital One Financial Corporation lowered Forum Energy Technologies from an “overweight” rating to an “equal weight” rating in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $18.73.

The firm’s market cap is $1.37 billion. The company’s 50 day moving average is $13.57 and its 200-day moving average is $15.46.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. The company had revenue of $201.10 million for the quarter, compared to analyst estimates of $194.16 million. Equities analysts predict that Forum Energy Technologies, Inc. will post ($0.29) EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in FET. BlackRock Inc. increased its position in Forum Energy Technologies by 28,940.8% during the 1st quarter. BlackRock Inc. now owns 4,365,706 shares of the oil and gas company’s stock valued at $90,370,000 after buying an additional 4,350,673 shares in the last quarter. Aberdeen Asset Management PLC UK increased its position in Forum Energy Technologies by 29.8% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 3,180,777 shares of the oil and gas company’s stock valued at $49,620,000 after buying an additional 731,128 shares in the last quarter. Kennedy Capital Management Inc. acquired a new position in Forum Energy Technologies during the 1st quarter valued at about $13,033,000. Dimensional Fund Advisors LP increased its position in Forum Energy Technologies by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,433,239 shares of the oil and gas company’s stock valued at $84,758,000 after buying an additional 455,066 shares in the last quarter. Finally, Barings LLC acquired a new position in Forum Energy Technologies during the 1st quarter valued at about $8,429,000.

ILLEGAL ACTIVITY WARNING: This report was first reported by Stock Observer and is the sole property of of Stock Observer. If you are accessing this report on another site, it was stolen and reposted in violation of international copyright & trademark law. The original version of this report can be read at https://www.thestockobserver.com/2017/10/12/forum-energy-technologies-inc-fet-shares-down-6-9.html.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.

Receive News & Ratings for Forum Energy Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply