Zacks Investment Research Upgrades Forum Energy Technologies (NYSE:FET) to “Buy”

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Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The firm presently has a $1.25 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 27.55% from the stock’s current price.

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. “

Several other research analysts have also issued reports on FET. ValuEngine upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Piper Jaffray Companies dropped their target price on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Gabelli lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Citigroup lowered Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research report on Monday, September 30th. Finally, Morgan Stanley dropped their target price on Forum Energy Technologies from $3.50 to $3.00 and set an “equal weight” rating for the company in a research report on Monday, October 7th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Forum Energy Technologies currently has a consensus rating of “Hold” and a consensus target price of $3.09.

Shares of NYSE:FET traded down $0.11 during trading hours on Thursday, hitting $0.98. 412,810 shares of the company’s stock traded hands, compared to its average volume of 1,152,515. Forum Energy Technologies has a 1 year low of $0.96 and a 1 year high of $7.77. The business has a fifty day moving average price of $1.33 and a 200-day moving average price of $2.66. The firm has a market capitalization of $128.14 million, a P/E ratio of 49.00 and a beta of 2.44. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.09 and a quick ratio of 1.11.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, October 24th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. Forum Energy Technologies had a negative return on equity of 0.34% and a negative net margin of 91.13%. The business had revenue of $239.30 million during the quarter, compared to analyst estimates of $245.31 million. As a group, equities analysts predict that Forum Energy Technologies will post -0.2 earnings per share for the current year.

In related news, CEO C Christopher Gaut purchased 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $1.35 per share, with a total value of $27,000.00. Following the completion of the purchase, the chief executive officer now owns 1,827,333 shares of the company’s stock, valued at approximately $2,466,899.55. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 28.50% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Quantamental Technologies LLC bought a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $35,000. Alambic Investment Management L.P. bought a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $60,000. Menta Capital LLC bought a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $62,000. SG Americas Securities LLC raised its stake in shares of Forum Energy Technologies by 77.8% during the third quarter. SG Americas Securities LLC now owns 25,896 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 11,332 shares in the last quarter. Finally, Capital Fund Management S.A. raised its stake in shares of Forum Energy Technologies by 33.8% during the second quarter. Capital Fund Management S.A. now owns 35,600 shares of the oil and gas company’s stock valued at $122,000 after acquiring an additional 9,000 shares in the last quarter. 89.54% of the stock is owned by hedge funds and other institutional investors.

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 through 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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