Zacks Investment Research Downgrades Forum Energy Technologies (FET) to Sell

Forum Energy Technologies (NYSE:FET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, January 3rd.

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. “

A number of other analysts have also issued reports on FET. Citigroup boosted their price objective on Forum Energy Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, October 5th. Jefferies Group set a $17.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Thursday, October 5th. Cowen set a $11.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Friday, October 6th. Deutsche Bank began coverage on Forum Energy Technologies in a research report on Tuesday, October 10th. They set a “hold” rating and a $17.00 target price for the company. Finally, Scotiabank set a $24.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.93.

Shares of Forum Energy Technologies (NYSE FET) traded up $0.75 on Wednesday, hitting $17.30. The company’s stock had a trading volume of 1,605,400 shares, compared to its average volume of 1,119,287. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74. Forum Energy Technologies has a 52-week low of $10.05 and a 52-week high of $26.25. The company has a market capitalization of $1,870.00, a price-to-earnings ratio of -13.73 and a beta of 1.66.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.10). Forum Energy Technologies had a negative return on equity of 3.97% and a negative net margin of 16.85%. The company had revenue of $198.70 million for the quarter, compared to analyst estimates of $200.96 million. During the same period in the previous year, the company posted ($0.19) EPS. The firm’s revenue for the quarter was up 43.7% compared to the same quarter last year. equities analysts forecast that Forum Energy Technologies will post -0.36 EPS for the current year.

Hedge funds have recently modified their holdings of the stock. Nationwide Fund Advisors boosted its holdings in Forum Energy Technologies by 1.7% during the 2nd quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock valued at $1,040,000 after acquiring an additional 1,083 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Forum Energy Technologies by 69.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 186,810 shares of the oil and gas company’s stock valued at $2,915,000 after acquiring an additional 76,721 shares during the period. Eagle Asset Management Inc. raised its position in Forum Energy Technologies by 4.6% during the 2nd quarter. Eagle Asset Management Inc. now owns 841,395 shares of the oil and gas company’s stock valued at $13,125,000 after purchasing an additional 37,103 shares during the last quarter. State Street Corp raised its position in Forum Energy Technologies by 10.8% during the 2nd quarter. State Street Corp now owns 1,770,754 shares of the oil and gas company’s stock valued at $27,626,000 after purchasing an additional 172,953 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Forum Energy Technologies by 15.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 185,211 shares of the oil and gas company’s stock valued at $2,889,000 after purchasing an additional 25,267 shares during the last quarter. Institutional investors own 95.72% of the company’s stock.

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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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