Forum Energy Technologies (FET) Given New $13.00 Price Target at JPMorgan Chase & Co.

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Forum Energy Technologies (NYSE:FET) had its price objective increased by analysts at JPMorgan Chase & Co. from $12.00 to $13.00 in a research note issued to investors on Monday, September 17th, Stock Target Advisor reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. JPMorgan Chase & Co.’s target price would suggest a potential upside of 32.65% from the stock’s previous close.

Several other equities analysts have also commented on FET. ValuEngine lowered Forum Energy Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. Johnson Rice lowered Forum Energy Technologies from a “buy” rating to an “accumulate” rating and set a $15.00 target price for the company. in a research note on Monday, September 17th. Citigroup dropped their target price on Forum Energy Technologies from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Friday, September 14th. 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 note on Wednesday, August 1st. Finally, Zacks Investment Research lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a research note on Friday, August 3rd. 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 company’s stock. Forum Energy Technologies currently has a consensus rating of “Hold” and a consensus target price of $13.27.

Shares of NYSE FET traded up $0.29 during trading on Monday, reaching $9.80. The company had a trading volume of 1,219,463 shares, compared to its average volume of 1,051,535. Forum Energy Technologies has a twelve month low of $9.40 and a twelve month high of $17.95. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -25.79 and a beta of 2.02. The company has a quick ratio of 1.22, a current ratio of 3.34 and a debt-to-equity ratio of 0.33.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Monday, July 30th. The oil and gas company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Forum Energy Technologies had a negative return on equity of 1.72% and a net margin of 5.08%. The company had revenue of $274.00 million during the quarter, compared to analysts’ expectations of $268.50 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. As a group, analysts anticipate that Forum Energy Technologies will post -0.02 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can boosted its position in shares of Forum Energy Technologies by 19.3% in the third quarter. Bank of Montreal Can now owns 39,393 shares of the oil and gas company’s stock worth $408,000 after buying an additional 6,383 shares during the period. Northern Trust Corp boosted its position in shares of Forum Energy Technologies by 4.1% in the second quarter. Northern Trust Corp now owns 1,502,414 shares of the oil and gas company’s stock worth $18,556,000 after buying an additional 58,539 shares during the period. Moody Aldrich Partners LLC boosted its position in shares of Forum Energy Technologies by 69.5% in the second quarter. Moody Aldrich Partners LLC now owns 129,255 shares of the oil and gas company’s stock worth $1,596,000 after buying an additional 53,016 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Forum Energy Technologies by 4.8% in the second quarter. Bank of New York Mellon Corp now owns 623,253 shares of the oil and gas company’s stock worth $7,699,000 after buying an additional 28,699 shares during the period. Finally, Schroder Investment Management Group purchased a new stake in shares of Forum Energy Technologies in the second quarter worth about $4,391,000. 94.45% of the stock is owned by 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 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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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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