Forum Energy Technologies Inc (NYSE:FET) fell 7.9% on Wednesday . The stock traded as low as $3.37 and last traded at $3.38. 869,825 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 1,153,633 shares. The stock had previously closed at $3.67.
A number of equities research analysts have commented on FET shares. Citigroup raised shares of Forum Energy Technologies from a “neutral” rating to a “buy” rating in a report on Thursday, March 14th. Zacks Investment Research raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a report on Wednesday, March 6th. Barclays decreased their price objective on shares of Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 9th. B. Riley reissued a “neutral” rating on shares of Forum Energy Technologies in a report on Tuesday, February 19th. Finally, Piper Jaffray Companies set a $7.00 price objective on shares of Forum Energy Technologies and gave the stock a “buy” rating in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Forum Energy Technologies has a consensus rating of “Hold” and a consensus price target of $9.63.
The company has a current ratio of 3.18, a quick ratio of 1.16 and a debt-to-equity ratio of 0.53. The stock has a market cap of $381.94 million, a PE ratio of 169.00 and a beta of 2.55.
Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, April 25th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. Forum Energy Technologies had a negative net margin of 37.76% and a positive return on equity of 0.40%. The company had revenue of $271.80 million for the quarter, compared to the consensus estimate of $264.48 million. During the same period in the prior year, the company posted ($0.07) EPS. The company’s revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts forecast that Forum Energy Technologies Inc will post -0.06 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in FET. SEI Investments Co increased its stake in Forum Energy Technologies by 136.6% during the 1st quarter. SEI Investments Co now owns 8,305 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 4,795 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Forum Energy Technologies by 25.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 1,833 shares in the last quarter. Citigroup Inc. grew its stake in shares of Forum Energy Technologies by 588.6% during the 4th quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock worth $50,000 after acquiring an additional 10,412 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Forum Energy Technologies during the 1st quarter worth approximately $57,000. Finally, Pearl River Capital LLC bought a new position in shares of Forum Energy Technologies during the 1st quarter worth approximately $70,000. Institutional investors own 89.73% of the company’s stock.
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Forum Energy Technologies Company Profile (NYSE:FET)
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 through 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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