Forum Energy Technologies (FET) Trading Down 1.3% After Analyst Downgrade

Forum Energy Technologies Inc (NYSE:FET) traded down 1.3% during mid-day trading on Monday after Deutsche Bank lowered their price target on the stock from $17.00 to $16.00. Deutsche Bank currently has a hold rating on the stock. Forum Energy Technologies traded as low as $10.70 and last traded at $11.60. 2,241,684 shares were traded during mid-day trading, an increase of 99% from the average session volume of 1,128,400 shares. The stock had previously closed at $11.75.

Several other brokerages also recently issued reports on FET. Zacks Investment Research downgraded shares of Forum Energy Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Cowen set a $13.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, January 11th. Jefferies Group set a $17.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, January 4th. Barclays reiterated a “hold” rating and issued a $17.00 target price on shares of Forum Energy Technologies in a research note on Sunday, November 5th. Finally, Capital One Financial upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $16.63.

A number of institutional investors have recently added to or reduced their stakes in FET. QS Investors LLC raised its holdings in Forum Energy Technologies by 205.7% in the 2nd quarter. QS Investors LLC now owns 8,323 shares of the oil and gas company’s stock valued at $130,000 after acquiring an additional 5,600 shares during the period. Bronfman E.L. Rothschild L.P. raised its holdings in Forum Energy Technologies by 86.4% in the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 9,556 shares of the oil and gas company’s stock valued at $152,000 after acquiring an additional 4,429 shares during the period. SG Americas Securities LLC bought a new position in Forum Energy Technologies in the 3rd quarter valued at about $185,000. MHI Funds LLC bought a new position in Forum Energy Technologies in the 4th quarter valued at about $218,000. Finally, Suntrust Banks Inc. raised its holdings in Forum Energy Technologies by 0.5% in the 2nd quarter. Suntrust Banks Inc. now owns 14,776 shares of the oil and gas company’s stock valued at $229,000 after acquiring an additional 68 shares during the period. 95.12% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market cap of $1,270.00, a price-to-earnings ratio of -17.35 and a beta of 1.70. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share 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 3.11%. The company had revenue of $247.70 million during the quarter, compared to the consensus estimate of $249.85 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The firm’s revenue was up 68.4% compared to the same quarter last year. research analysts expect that Forum Energy Technologies Inc will post 0.15 EPS for the current fiscal year.

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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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