Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs and manufactures products, and engages in aftermarket services, parts supply and related services that complement the Company’s product offering. “
Several other brokerages also recently issued reports on FET. JPMorgan Chase & Co. lowered their price objective on shares of Forum Energy Technologies from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, February 12th. Barclays set a $15.00 price target on shares of Forum Energy Technologies and gave the stock a “hold” rating in a research report on Monday, February 12th. Cowen reissued a “market perform” rating and set a $10.00 price target (down previously from $13.00) on shares of Forum Energy Technologies in a research report on Monday, February 12th. Jefferies Group raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Tuesday, February 13th. Finally, ValuEngine downgraded shares of Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $15.79.
Shares of Forum Energy Technologies (NYSE FET) traded up $0.05 during trading hours on Tuesday, reaching $11.40. 1,287,571 shares of the company’s stock traded hands, compared to its average volume of 1,357,501. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.65 and a quick ratio of 1.61. Forum Energy Technologies has a one year low of $10.05 and a one year high of $21.67. The firm has a market capitalization of $1,345.90, a P/E ratio of -17.54 and a beta of 1.96.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.01). Forum Energy Technologies had a negative net margin of 6.99% and a negative return on equity of 2.98%. The firm had revenue of $247.70 million during the quarter, compared to analyst estimates of $249.85 million. During the same period last year, the business earned ($0.16) EPS. The firm’s revenue was up 68.4% compared to the same quarter last year. equities research analysts anticipate that Forum Energy Technologies will post 0.01 EPS for the current year.
In other news, CEO Prady Iyyanki acquired 90,000 shares of Forum Energy Technologies stock in a transaction that occurred on Friday, March 2nd. The shares were purchased at an average cost of $10.63 per share, for a total transaction of $956,700.00. Following the completion of the purchase, the chief executive officer now directly owns 443,417 shares of the company’s stock, valued at approximately $4,713,522.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 32.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in FET. Bronfman E.L. Rothschild L.P. lifted its stake in Forum Energy Technologies by 86.4% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 9,556 shares of the oil and gas company’s stock worth $152,000 after purchasing an additional 4,429 shares during the last quarter. MML Investors Services LLC bought a new position in Forum Energy Technologies during the fourth quarter worth $159,000. Two Sigma Investments LP bought a new position in Forum Energy Technologies during the fourth quarter worth $163,000. Amalgamated Bank bought a new position in Forum Energy Technologies during the fourth quarter worth $167,000. Finally, SG Americas Securities LLC bought a new position in Forum Energy Technologies during the third quarter worth $185,000. Hedge funds and other institutional investors own 94.25% of the company’s stock.
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About Forum Energy Technologies
Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates in three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.
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