Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, March 20th.
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. “
Other research analysts have also issued reports about the company. Jefferies Group raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Tuesday, February 13th. TheStreet raised Forum Energy Technologies from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Piper Jaffray set a $13.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a report on Monday, February 12th. Barclays set a $15.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a report on Monday, February 12th. Finally, Deutsche Bank lowered their target price on Forum Energy Technologies from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $15.79.
Shares of NYSE FET traded up $0.20 during midday trading on Tuesday, reaching $12.40. 663,333 shares of the company traded hands, compared to its average volume of 1,281,798. Forum Energy Technologies has a 52 week low of $10.05 and a 52 week high of $20.90. The company has a quick ratio of 1.61, a current ratio of 3.65 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1,280.77, a P/E ratio of -32.82 and a beta of 1.90.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). The company had revenue of $247.70 million for the quarter, compared to the consensus estimate of $249.85 million. Forum Energy Technologies had a negative net margin of 6.99% and a negative return on equity of 2.98%. Forum Energy Technologies’s revenue for the quarter was up 68.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. sell-side analysts anticipate that Forum Energy Technologies will post 0.01 earnings per share for the current fiscal year.
In related news, CEO Prady Iyyanki purchased 90,000 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The shares were purchased at an average price of $10.63 per share, with a total value of $956,700.00. Following the purchase, the chief executive officer now owns 443,417 shares of the company’s stock, valued at approximately $4,713,522.71. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 30.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bronfman E.L. Rothschild L.P. boosted its position in Forum Energy Technologies by 86.4% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 9,556 shares of the oil and gas company’s stock worth $152,000 after acquiring an additional 4,429 shares during the period. MML Investors Services LLC acquired a new stake in Forum Energy Technologies during the 4th quarter worth about $159,000. Two Sigma Investments LP acquired a new stake in Forum Energy Technologies during the 4th quarter worth about $163,000. Amalgamated Bank acquired a new stake in Forum Energy Technologies during the 4th quarter worth about $167,000. Finally, SG Americas Securities LLC acquired a new stake in Forum Energy Technologies during the 3rd quarter worth about $185,000. Hedge funds and other institutional investors own 94.25% of the company’s stock.
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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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