Forum Energy Technologies, Inc. (FET) Cut to Hold at Zacks Investment Research

Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, October 17th.

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 equities research analysts have also recently commented on the company. BidaskClub cut Forum Energy Technologies from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Credit Suisse Group cut Forum Energy Technologies from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $12.00 in a research note on Thursday, August 24th. Barclays PLC cut Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $24.00 to $16.00 in a research note on Wednesday, July 12th. Deutsche Bank AG started coverage on Forum Energy Technologies in a research note on Tuesday, October 10th. They set a “hold” rating and a $17.00 price objective for the company. Finally, Cowen and Company set a $11.00 price objective on Forum Energy Technologies and gave the stock a “hold” rating in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $18.63.

Forum Energy Technologies (NYSE FET) traded up $0.19 during mid-day trading on Tuesday, reaching $14.13. The company had a trading volume of 857,920 shares, compared to its average volume of 846,258. Forum Energy Technologies has a 12-month low of $10.05 and a 12-month high of $26.25. The company has a quick ratio of 1.76, a current ratio of 3.74 and a debt-to-equity ratio of 0.34.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.10). The company had revenue of $198.70 million during the quarter, compared to analysts’ expectations of $200.96 million. Forum Energy Technologies had a negative return on equity of 3.97% and a negative net margin of 16.85%. The business’s revenue for the quarter was up 43.7% on a year-over-year basis. During the same period last year, the firm earned ($0.19) EPS. equities research analysts expect that Forum Energy Technologies will post -0.35 EPS for the current fiscal year.

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Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Forum Energy Technologies by 3.8% in the second quarter. Vanguard Group Inc. now owns 5,678,046 shares of the oil and gas company’s stock valued at $88,577,000 after purchasing an additional 208,851 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Forum Energy Technologies by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 5,433,239 shares of the oil and gas company’s stock valued at $84,758,000 after purchasing an additional 455,066 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Forum Energy Technologies by 28,940.8% in the first quarter. BlackRock Inc. now owns 4,365,706 shares of the oil and gas company’s stock valued at $90,370,000 after purchasing an additional 4,350,673 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Forum Energy Technologies by 96.4% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 3,541,025 shares of the oil and gas company’s stock valued at $56,302,000 after purchasing an additional 1,738,375 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK lifted its holdings in shares of Forum Energy Technologies by 29.8% in the second quarter. Aberdeen Asset Management PLC UK now owns 3,180,777 shares of the oil and gas company’s stock valued at $49,620,000 after purchasing an additional 731,128 shares in the last quarter. Institutional investors own 97.89% of the company’s stock.

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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