Forum Energy Technologies (FET) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a sell rating in a report issued on Thursday morning.

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 brokerages have also recently commented on FET. Barclays reaffirmed a hold rating and set a $17.00 price target on shares of Forum Energy Technologies in a research report on Sunday, November 5th. JPMorgan Chase & Co. dropped their price target on Forum Energy Technologies from $13.00 to $11.00 and set a neutral rating on the stock in a research report on Monday, February 12th. Cowen reaffirmed 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 Forum Energy Technologies from a hold rating to a buy rating and set a $15.00 price target on the stock in a research report on Tuesday, February 13th. Finally, B. Riley set a $13.00 price target on Forum Energy Technologies and gave the company a neutral rating in a research report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company’s stock. Forum Energy Technologies currently has an average rating of Hold and a consensus target price of $16.40.

Forum Energy Technologies (NYSE FET) opened at $12.00 on Thursday. Forum Energy Technologies has a 1 year low of $10.05 and a 1 year high of $23.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74. The company has a market capitalization of $1,297.16, a price-to-earnings ratio of -18.46 and a beta of 1.70.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $247.70 million for the quarter, compared to analysts’ expectations of $249.85 million. During the same period in the prior year, the company earned ($0.16) EPS. The firm’s quarterly revenue was up 68.4% on a year-over-year basis. sell-side analysts forecast that Forum Energy Technologies will post 0.05 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors raised its stake in shares of Forum Energy Technologies by 1.7% during 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 during the period. Goldman Sachs Group Inc. increased its stake 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 worth $2,915,000 after acquiring an additional 76,721 shares during the last quarter. State Street Corp increased its stake 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 worth $27,626,000 after acquiring an additional 172,953 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake 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 worth $2,889,000 after acquiring an additional 25,267 shares during the last quarter. Finally, Contrarius Investment Management Ltd bought a new position in Forum Energy Technologies in the 3rd quarter worth about $3,883,000. Institutional investors own 95.12% of the company’s stock.

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About Forum Energy Technologies

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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