Bank of America began coverage on shares of Forum Energy Technologies (NYSE:FET) in a report published on Monday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $7.00 price target on the oil and gas company’s stock.
FET has been the topic of several other research reports. ValuEngine lowered Forum Energy Technologies from a hold rating to a sell rating in a research report on Thursday, September 6th. Citigroup cut their price target 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. Barclays set a $12.00 price target on Forum Energy Technologies and gave the stock a hold rating in a research report on Wednesday, October 10th. Zacks Investment Research raised Forum Energy Technologies from a sell rating to a hold rating in a research report on Thursday, October 4th. Finally, Morgan Stanley started coverage on Forum Energy Technologies in a report on Tuesday, September 18th. They issued an equal weight rating and a $13.00 target price on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Forum Energy Technologies presently has a consensus rating of Hold and an average target price of $12.18.
FET opened at $5.72 on Monday. The company has a market cap of $675.74 million, a price-to-earnings ratio of -15.05 and a beta of 1.94. Forum Energy Technologies has a 52 week low of $5.64 and a 52 week high of $17.95. The company has a current ratio of 3.47, a quick ratio of 1.25 and a debt-to-equity ratio of 0.33.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Monday, October 29th. The oil and gas company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. The company had revenue of $267.00 million for the quarter, compared to analyst estimates of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The firm’s revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Equities analysts predict that Forum Energy Technologies will post -0.08 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. acquired a new position in shares of Forum Energy Technologies in the third quarter valued at approximately $348,000. Clearbridge Investments LLC increased its holdings in shares of Forum Energy Technologies by 10.1% in the third quarter. Clearbridge Investments LLC now owns 1,060,722 shares of the oil and gas company’s stock valued at $10,978,000 after purchasing an additional 97,332 shares during the period. Vanguard Group Inc. increased its holdings in shares of Forum Energy Technologies by 1.9% in the third quarter. Vanguard Group Inc. now owns 7,017,172 shares of the oil and gas company’s stock valued at $72,627,000 after purchasing an additional 128,060 shares during the period. Rehmann Capital Advisory Group increased its holdings in shares of Forum Energy Technologies by 920.2% in the third quarter. Rehmann Capital Advisory Group now owns 10,784 shares of the oil and gas company’s stock valued at $1,042,000 after purchasing an additional 9,727 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Forum Energy Technologies by 7.1% in the third quarter. Thrivent Financial for Lutherans now owns 476,444 shares of the oil and gas company’s stock valued at $4,931,000 after purchasing an additional 31,663 shares during the period. 92.80% of the stock is currently 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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