Zacks Investment Research upgraded shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, Zacks.com reports. The firm currently has $1.25 target price on the oil and gas company’s stock.
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. “
Several other research firms have also recently commented on FET. ValuEngine upgraded shares of Forum Energy Technologies from a sell rating to a hold rating in a research note on Thursday, August 1st. Citigroup cut shares of Forum Energy Technologies from a buy rating to a neutral rating in a research note on Monday, September 30th. Scotiabank set a $1.00 target price on shares of Forum Energy Technologies and gave the company a hold rating in a research note on Monday, August 26th. Gabelli cut shares of Forum Energy Technologies from a buy rating to a hold rating in a research note on Monday, July 29th. Finally, Morgan Stanley cut their target price on shares of Forum Energy Technologies from $3.50 to $3.00 and set an equal weight rating for the company in a research note on Monday, October 7th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $3.09.
NYSE:FET traded down $0.04 during trading hours on Thursday, hitting $0.97. 727,728 shares of the company traded hands, compared to its average volume of 1,147,991. The stock has a market capitalization of $108.25 million, a price-to-earnings ratio of 48.52 and a beta of 2.44. Forum Energy Technologies has a twelve month low of $0.87 and a twelve month high of $7.77. The firm has a 50-day moving average of $1.32 and a 200 day moving average of $2.64. The company has a current ratio of 3.09, a quick ratio of 1.11 and a debt-to-equity ratio of 0.93.
Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, October 24th. The oil and gas company reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. The firm had revenue of $239.30 million during the quarter, compared to analysts’ expectations of $245.31 million. Forum Energy Technologies had a negative net margin of 91.13% and a negative return on equity of 0.34%. Equities research analysts predict that Forum Energy Technologies will post -0.2 earnings per share for the current fiscal year.
In other Forum Energy Technologies news, CEO C Christopher Gaut purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $1.35 per share, with a total value of $27,000.00. Following the acquisition, the chief executive officer now directly owns 1,827,333 shares of the company’s stock, valued at approximately $2,466,899.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 28.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Systematic Financial Management LP bought a new stake in Forum Energy Technologies in the 3rd quarter valued at $415,000. GW&K Investment Management LLC increased its holdings in Forum Energy Technologies by 9.4% in the 3rd quarter. GW&K Investment Management LLC now owns 786,865 shares of the oil and gas company’s stock valued at $1,220,000 after buying an additional 67,884 shares during the period. SG Americas Securities LLC increased its holdings in Forum Energy Technologies by 77.8% in the 3rd quarter. SG Americas Securities LLC now owns 25,896 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 11,332 shares during the period. Gamco Investors INC. ET AL grew its holdings in shares of Forum Energy Technologies by 34.5% in the 3rd quarter. Gamco Investors INC. ET AL now owns 56,864 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 14,600 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of Forum Energy Technologies in the 3rd quarter worth about $198,000. 87.14% of the stock is currently owned by hedge funds and other institutional investors.
Forum Energy Technologies Company Profile
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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