Zacks Investment Research Lowers Forum Energy Technologies (NYSE:FET) to Sell

Forum Energy Technologies (NYSE:FET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, January 3rd.

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. “

FET has been the subject of several other reports. Deutsche Bank initiated coverage on Forum Energy Technologies in a report on Tuesday, October 10th. They issued a “hold” rating and a $17.00 target price for the company. Scotiabank set a $24.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, October 12th. Barclays restated a “hold” rating and issued a $17.00 target price on shares of Forum Energy Technologies in a report on Sunday, November 5th. Jefferies Group set a $17.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a report on Thursday, October 5th. Finally, Citigroup increased their price target on Forum Energy Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, October 5th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. Forum Energy Technologies currently has an average rating of “Hold” and a consensus price target of $17.93.

Shares of Forum Energy Technologies (NYSE:FET) traded down $0.10 on Wednesday, hitting $17.55. The company had a trading volume of 492,424 shares, compared to its average volume of 1,080,000. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.74 and a quick ratio of 1.76. Forum Energy Technologies has a 52-week low of $10.05 and a 52-week high of $26.25. The stock has a market capitalization of $1,900.00, a PE ratio of -13.93 and a beta of 1.66.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, hitting the Thomson Reuters’ 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 firm had revenue of $198.70 million during the quarter, compared to analysts’ expectations of $200.96 million. The firm’s revenue for the quarter was up 43.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.19) earnings per share. sell-side analysts predict that Forum Energy Technologies will post -0.36 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nationwide Fund Advisors raised its position in Forum Energy Technologies by 1.7% in the 2nd quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock valued at $1,040,000 after purchasing an additional 1,083 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Forum Energy Technologies by 69.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 186,810 shares of the oil and gas company’s stock valued at $2,915,000 after purchasing an additional 76,721 shares in the last quarter. Eagle Asset Management Inc. raised its position in Forum Energy Technologies by 4.6% in the 2nd quarter. Eagle Asset Management Inc. now owns 841,395 shares of the oil and gas company’s stock valued at $13,125,000 after purchasing an additional 37,103 shares in the last quarter. State Street Corp raised its position in Forum Energy Technologies by 10.8% in the 2nd quarter. State Street Corp now owns 1,770,754 shares of the oil and gas company’s stock valued at $27,626,000 after purchasing an additional 172,953 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Forum Energy Technologies by 15.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 185,211 shares of the oil and gas company’s stock valued at $2,889,000 after purchasing an additional 25,267 shares in the last quarter. 95.72% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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