Morgan Stanley set a $12.00 target price on Forum Energy Technologies (NYSE:FET) in a research note released on Tuesday morning. The firm currently has a hold rating on the oil and gas company’s stock.
Other equities analysts have also issued reports about the company. Johnson Rice lowered Forum Energy Technologies from a buy rating to an accumulate rating and set a $15.00 target price on the stock. in a research report on Monday, September 17th. Zacks Investment Research raised Forum Energy Technologies from a hold rating to a buy rating and set a $14.00 target price on the stock in a research report on Thursday, August 2nd. ValuEngine raised Forum Energy Technologies from a sell rating to a hold rating in a research report on Friday, August 17th. Barclays set a $12.00 target price on Forum Energy Technologies and gave the stock a hold rating in a research report on Wednesday, October 10th. Finally, Citigroup lowered their target price on Forum Energy Technologies from $13.00 to $10.00 and set a hold rating on the stock in a research report on Wednesday, October 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The company has an average rating of Hold and an average target price of $12.73.
Shares of Forum Energy Technologies stock traded down $0.16 on Tuesday, reaching $8.03. 1,681,122 shares of the company’s stock were exchanged, compared to its average volume of 1,324,131. The stock has a market capitalization of $935.56 million, a price-to-earnings ratio of -21.13 and a beta of 1.95. Forum Energy Technologies has a 52 week low of $7.67 and a 52 week high of $17.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.25 and a current ratio of 3.47.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Monday, October 29th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $267.00 million for the quarter, compared to analysts’ expectations of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The company’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) EPS. On average, equities research analysts forecast that Forum Energy Technologies will post -0.06 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FET. FMR LLC raised its position in Forum Energy Technologies by 151.0% in the 3rd quarter. FMR LLC now owns 1,717,700 shares of the oil and gas company’s stock valued at $17,778,000 after buying an additional 1,033,400 shares during the last quarter. JPMorgan Chase & Co. raised its position in Forum Energy Technologies by 64.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,160,946 shares of the oil and gas company’s stock valued at $22,366,000 after buying an additional 843,553 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Forum Energy Technologies by 20.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,129,376 shares of the oil and gas company’s stock valued at $32,389,000 after buying an additional 529,804 shares during the last quarter. Wells Fargo & Company MN raised its position in Forum Energy Technologies by 39.0% in the 3rd quarter. Wells Fargo & Company MN now owns 1,407,903 shares of the oil and gas company’s stock valued at $14,572,000 after buying an additional 395,260 shares during the last quarter. Finally, Schroder Investment Management Group purchased a new stake in Forum Energy Technologies in the 2nd quarter valued at $4,391,000. 93.79% of the stock is owned by institutional investors and hedge funds.
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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