Johnson Rice Lowers Forum Energy Technologies (NYSE:FET) to Accumulate

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Forum Energy Technologies (NYSE:FET) was downgraded by research analysts at Johnson Rice from a “buy” rating to an “accumulate” rating in a report released on Monday, September 17th, MarketBeat reports. They presently have a $15.00 price objective on the oil and gas company’s stock. Johnson Rice’s price objective indicates a potential upside of 53.06% from the stock’s previous close.

Several other analysts have also issued reports on FET. Zacks Investment Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Thursday, August 2nd. ValuEngine upgraded shares of Forum Energy Technologies from a “strong sell” rating to a “sell” rating in a research report on Monday, July 30th. Credit Suisse Group increased their price target on shares of Forum Energy Technologies from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 1st. Finally, Citigroup reduced their price target on shares of Forum Energy Technologies from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Friday, September 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $13.27.

Shares of FET traded up $0.29 during mid-day trading on Monday, hitting $9.80. 1,219,463 shares of the company’s stock were exchanged, compared to its average volume of 1,051,535. Forum Energy Technologies has a 52 week low of $9.40 and a 52 week high of $17.95. The stock has a market capitalization of $1.13 billion, a PE ratio of -25.79 and a beta of 2.02. The company has a current ratio of 3.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33.

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

Institutional investors have recently modified their holdings of the business. Sei Investments Co. raised its stake in shares of Forum Energy Technologies by 71.7% during the first quarter. Sei Investments Co. now owns 10,651 shares of the oil and gas company’s stock valued at $117,000 after acquiring an additional 4,448 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Forum Energy Technologies by 19.3% during the third quarter. Bank of Montreal Can now owns 39,393 shares of the oil and gas company’s stock valued at $408,000 after acquiring an additional 6,383 shares during the last quarter. TCW Group Inc. raised its stake in shares of Forum Energy Technologies by 10.3% during the second quarter. TCW Group Inc. now owns 98,250 shares of the oil and gas company’s stock valued at $1,213,000 after acquiring an additional 9,187 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Forum Energy Technologies by 31.2% during the first quarter. Legal & General Group Plc now owns 39,515 shares of the oil and gas company’s stock valued at $435,000 after acquiring an additional 9,391 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Forum Energy Technologies by 35.0% during the first quarter. California Public Employees Retirement System now owns 39,295 shares of the oil and gas company’s stock valued at $432,000 after acquiring an additional 10,195 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.

Further Reading: Earnings Per Share (EPS)

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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