Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a report issued on Wednesday.
Several other equities research analysts have also recently commented on FET. Scotiabank set a $24.00 price target on shares of Forum Energy Technologies and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. Jefferies Group LLC reiterated a “hold” rating and issued a $22.00 price target on shares of Forum Energy Technologies in a research report on Wednesday, March 22nd. Credit Suisse Group reiterated a “buy” rating and issued a $23.00 price target on shares of Forum Energy Technologies in a research report on Thursday, March 30th. Wolfe Research cut shares of Forum Energy Technologies from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $24.00 to $21.00 in a research report on Monday, April 17th. Finally, Zacks Investment Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, April 18th. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $21.24.
Forum Energy Technologies (NYSE FET) opened at 15.15 on Wednesday. Forum Energy Technologies has a one year low of $14.05 and a one year high of $26.25. The stock’s market cap is $1.45 billion. The stock has a 50 day moving average of $16.34 and a 200-day moving average of $19.71.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. Forum Energy Technologies had a negative net margin of 12.50% and a negative return on equity of 5.16%. The firm had revenue of $171.10 million for the quarter, compared to analysts’ expectations of $164.38 million. During the same period in the previous year, the business earned ($0.22) earnings per share. Forum Energy Technologies’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts anticipate that Forum Energy Technologies will post ($0.30) EPS for the current year.
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A number of institutional investors have recently added to or reduced their stakes in FET. Mesirow Financial Investment Management Equity Management boosted its position in Forum Energy Technologies by 10.4% in the first quarter. Mesirow Financial Investment Management Equity Management now owns 793,205 shares of the oil and gas company’s stock valued at $16,420,000 after buying an additional 74,820 shares during the period. Simplex Trading LLC acquired a new position in Forum Energy Technologies during the first quarter valued at $158,000. Thomson Horstmann & Bryant Inc. boosted its position in Forum Energy Technologies by 129.1% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 42,780 shares of the oil and gas company’s stock valued at $885,000 after buying an additional 24,110 shares during the period. Hillman Co. boosted its position in Forum Energy Technologies by 14.3% in the first quarter. Hillman Co. now owns 2,325,810 shares of the oil and gas company’s stock valued at $48,145,000 after buying an additional 290,558 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in Forum Energy Technologies during the first quarter valued at $306,000.
Forum Energy Technologies Company Profile
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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