A number of other equities analysts also recently commented on the company. Credit Suisse Group decreased their price target on Forum Energy Technologies from $12.00 to $10.00 and set a hold rating for the company in a research note on Wednesday, October 31st. Citigroup decreased their price target on Forum Energy Technologies from $13.00 to $10.00 and set a hold rating for the company in a research note on Wednesday, October 31st. Zacks Investment Research upgraded Forum Energy Technologies from a sell rating to a hold rating in a research note on Tuesday, October 30th. Barclays set a $12.00 target price on Forum Energy Technologies and gave the company a hold rating in a research note on Wednesday, October 10th. Finally, Simmons upgraded Forum Energy Technologies from a neutral rating to an overweight rating and decreased their target price for the company from $13.25 to $12.50 in a research note on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $12.73.
NYSE:FET traded down $0.27 during mid-day trading on Tuesday, reaching $7.92. The stock had a trading volume of 36,497 shares, compared to its average volume of 1,338,281. The company has a market capitalization of $911.54 million, a price-to-earnings ratio of -20.71 and a beta of 1.95. Forum Energy Technologies has a 1-year low of $7.91 and a 1-year high of $17.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.25 and a current ratio of 3.47.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Monday, October 29th. The oil and gas company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. The business had revenue of $267.00 million during the quarter, compared to the consensus estimate of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The company’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) earnings per share. On average, equities research analysts forecast that Forum Energy Technologies will post -0.06 EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of FET. JPMorgan Chase & Co. boosted its stake in Forum Energy Technologies by 64.0% in the third quarter. JPMorgan Chase & Co. now owns 2,160,946 shares of the oil and gas company’s stock valued at $22,366,000 after acquiring an additional 843,553 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Forum Energy Technologies by 20.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,129,376 shares of the oil and gas company’s stock valued at $32,389,000 after buying an additional 529,804 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Forum Energy Technologies by 39.0% during the third quarter. Wells Fargo & Company MN now owns 1,407,903 shares of the oil and gas company’s stock valued at $14,572,000 after buying an additional 395,260 shares during the last quarter. FMR LLC raised its holdings in shares of Forum Energy Technologies by 117.4% during the second quarter. FMR LLC now owns 684,300 shares of the oil and gas company’s stock valued at $8,451,000 after buying an additional 369,500 shares during the last quarter. Finally, Schroder Investment Management Group bought a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $4,391,000. Institutional investors own 93.79% of the company’s stock.
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 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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