Barclays PLC downgraded shares of Forum Energy Technologies, Inc. (NYSE:FET) from an overweight rating to an equal weight rating in a report published on Wednesday, July 12th, Marketbeat reports. Barclays PLC currently has $16.00 price objective on the oil and gas company’s stock, down from their previous price objective of $24.00.
FET has been the subject of several other reports. Credit Suisse Group reissued a buy rating and set a $23.00 price objective on shares of Forum Energy Technologies in a report on Thursday, March 30th. Wolfe Research cut Forum Energy Technologies from an outperform rating to a market perform rating and dropped their price objective for the stock from $24.00 to $21.00 in a report on Monday, April 17th. Deutsche Bank AG reissued a buy rating and set a $25.00 price objective (down from $26.00) on shares of Forum Energy Technologies in a report on Tuesday, May 30th. BidaskClub cut Forum Energy Technologies from a hold rating to a sell rating in a report on Friday, June 23rd. Finally, Societe Generale assumed coverage on Forum Energy Technologies in a report on Wednesday, June 7th. They set a buy rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Forum Energy Technologies currently has a consensus rating of Hold and a consensus price target of $20.50.
Forum Energy Technologies (NYSE:FET) traded up 2.67% during midday trading on Wednesday, hitting $13.45. 508,307 shares of the stock traded hands. Forum Energy Technologies has a one year low of $12.75 and a one year high of $26.25. The company’s 50-day moving average is $15.33 and its 200-day moving average is $18.39. The company’s market cap is $1.29 billion.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. The business had revenue of $201.10 million for the quarter, compared to the consensus estimate of $194.16 million. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. Equities research analysts expect that Forum Energy Technologies will post ($0.31) EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of FET. Ameritas Investment Partners Inc. acquired a new position in shares of Forum Energy Technologies during the first quarter valued at about $107,000. Cutler Group LP increased its position in Forum Energy Technologies by 22.8% in the second quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock worth $109,000 after buying an additional 1,300 shares during the period. Independent Portfolio Consultants Inc. increased its position in Forum Energy Technologies by 1,150.8% in the second quarter. Independent Portfolio Consultants Inc. now owns 7,505 shares of the oil and gas company’s stock worth $117,000 after buying an additional 6,905 shares during the period. Simplex Trading LLC purchased a new position in Forum Energy Technologies during the first quarter worth $158,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in Forum Energy Technologies by 147.8% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 7,832 shares of the oil and gas company’s stock worth $162,000 after buying an additional 4,672 shares during the period.
About Forum Energy Technologies
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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