Forum Energy Technologies (FET) Stock Price Down 8%

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Forum Energy Technologies Inc (NYSE:FET)’s share price fell 8% during trading on Thursday . The stock traded as low as $10.30 and last traded at $10.40. 902,065 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 1,056,588 shares. The stock had previously closed at $11.30.

Several research firms have recently commented on FET. ValuEngine raised Forum Energy Technologies from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 17th. Credit Suisse Group upped their target price on Forum Energy Technologies from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, August 1st. Finally, Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $14.36.

The company has a quick ratio of 1.22, a current ratio of 3.34 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.30 billion, a P/E ratio of -27.37 and a beta of 2.00.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Monday, July 30th. The oil and gas company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $274.00 million for the quarter, compared to the consensus estimate of $268.50 million. Forum Energy Technologies had a negative return on equity of 1.72% and a net margin of 5.08%. The firm’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. equities research analysts predict that Forum Energy Technologies Inc will post -0.02 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of FET. Wells Fargo & Company MN boosted its stake in shares of Forum Energy Technologies by 5.6% in the first quarter. Wells Fargo & Company MN now owns 938,336 shares of the oil and gas company’s stock valued at $10,322,000 after buying an additional 50,158 shares during the period. Boston Partners boosted its stake in shares of Forum Energy Technologies by 79.4% in the first quarter. Boston Partners now owns 1,768,161 shares of the oil and gas company’s stock valued at $19,450,000 after buying an additional 782,385 shares during the period. Swiss National Bank boosted its stake in shares of Forum Energy Technologies by 17.6% in the first quarter. Swiss National Bank now owns 131,724 shares of the oil and gas company’s stock valued at $1,449,000 after buying an additional 19,700 shares during the period. BP Capital Fund Advisors LLC boosted its stake in shares of Forum Energy Technologies by 22.0% in the first quarter. BP Capital Fund Advisors LLC now owns 318,425 shares of the oil and gas company’s stock valued at $3,503,000 after buying an additional 57,500 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Forum Energy Technologies by 12.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 687,992 shares of the oil and gas company’s stock valued at $7,568,000 after buying an additional 77,438 shares during the period. Institutional investors and hedge funds own 94.46% of the company’s stock.

About Forum Energy Technologies (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 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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