Forum Energy Technologies (FET) Stock Rating Upgraded by Zacks Investment Research

Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

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. “

A number of other equities research analysts have also recently commented on FET. Cowen set a $13.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 11th. Jefferies Group set a $17.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 4th. Citigroup raised their price target on Forum Energy Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, October 5th. Scotiabank set a $24.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, October 12th. Finally, Barclays reissued a “hold” rating and set a $17.00 price target on shares of Forum Energy Technologies in a report on Sunday, November 5th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company’s stock. Forum Energy Technologies currently has an average rating of “Hold” and a consensus price target of $17.93.

Forum Energy Technologies (FET) opened at $17.00 on Wednesday. Forum Energy Technologies has a twelve month low of $10.05 and a twelve month high of $26.25. The company has a market capitalization of $1,870.00, a price-to-earnings ratio of -13.49 and a beta of 1.66. The company has a quick ratio of 1.76, a current ratio of 3.74 and a debt-to-equity ratio of 0.34.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.10). Forum Energy Technologies had a negative return on equity of 3.97% and a negative net margin of 16.85%. The company had revenue of $198.70 million for the quarter, compared to analysts’ expectations of $200.96 million. During the same period last year, the firm earned ($0.19) EPS. Forum Energy Technologies’s revenue for the quarter was up 43.7% compared to the same quarter last year. analysts anticipate that Forum Energy Technologies will post -0.36 earnings per share for the current year.

Several institutional investors have recently modified their holdings of FET. Schwab Charles Investment Management Inc. grew its position in shares of Forum Energy Technologies by 10.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 475,504 shares of the oil and gas company’s stock valued at $7,418,000 after purchasing an additional 46,451 shares in the last quarter. Rhumbline Advisers grew its position in shares of Forum Energy Technologies by 16.8% during the second quarter. Rhumbline Advisers now owns 85,909 shares of the oil and gas company’s stock valued at $1,340,000 after purchasing an additional 12,377 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Forum Energy Technologies by 10.5% during the second quarter. Bank of New York Mellon Corp now owns 462,834 shares of the oil and gas company’s stock valued at $7,221,000 after purchasing an additional 44,146 shares in the last quarter. Legal & General Group Plc grew its position in shares of Forum Energy Technologies by 10.9% during the second quarter. Legal & General Group Plc now owns 26,844 shares of the oil and gas company’s stock valued at $418,000 after purchasing an additional 2,649 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its position in shares of Forum Energy Technologies by 280.5% during the second quarter. BNP Paribas Arbitrage SA now owns 9,368 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 6,906 shares in the last quarter. Hedge funds and other institutional investors own 95.72% of the company’s stock.

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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.

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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