Forum Energy Technologies (FET) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Forum Energy Technologies (NYSE:FET) from a sell rating to a hold rating in a report issued on Wednesday morning.

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 issued reports on the company. Cowen set a $13.00 target price on Forum Energy Technologies and gave the stock a hold rating in a report on Thursday, January 11th. Jefferies Group set a $17.00 target price on Forum Energy Technologies and gave the stock a hold rating in a report on Thursday, January 4th. Barclays reaffirmed a hold rating and issued a $17.00 target price on shares of Forum Energy Technologies in a report on Sunday, November 5th. Scotiabank set a $24.00 target price on Forum Energy Technologies and gave the stock a hold rating in a report on Thursday, October 12th. Finally, Deutsche Bank assumed coverage on Forum Energy Technologies in a report on Tuesday, October 10th. They issued a hold rating and a $17.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. Forum Energy Technologies has an average rating of Hold and an average price target of $17.93.

Shares of Forum Energy Technologies (FET) opened at $17.15 on Wednesday. The company has a current ratio of 3.74, a quick ratio of 1.76 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1,850.00, a PE ratio of -13.61 and a beta of 1.66. Forum Energy Technologies has a twelve month low of $10.05 and a twelve month high of $26.25.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.10). The business had revenue of $198.70 million for 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 quarterly revenue was up 43.7% on a year-over-year basis. During the same period last year, the firm earned ($0.19) earnings per share. equities research analysts predict that Forum Energy Technologies will post -0.36 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Forum Energy Technologies by 3.8% during the second quarter. Vanguard Group Inc. now owns 5,678,046 shares of the oil and gas company’s stock worth $88,577,000 after acquiring an additional 208,851 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Forum Energy Technologies by 9.1% during the second quarter. Dimensional Fund Advisors LP now owns 5,433,239 shares of the oil and gas company’s stock worth $84,758,000 after acquiring an additional 455,066 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Forum Energy Technologies by 96.4% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 3,541,025 shares of the oil and gas company’s stock worth $56,302,000 after acquiring an additional 1,738,375 shares during the last quarter. Jennison Associates LLC increased its stake in Forum Energy Technologies by 1.7% during the third quarter. Jennison Associates LLC now owns 2,588,049 shares of the oil and gas company’s stock worth $41,150,000 after acquiring an additional 42,861 shares during the last quarter. Finally, Cortina Asset Management LLC increased its stake in Forum Energy Technologies by 6.9% during the third quarter. Cortina Asset Management LLC now owns 1,943,276 shares of the oil and gas company’s stock worth $30,898,000 after acquiring an additional 125,339 shares during the last quarter. 95.72% of the stock is currently owned by institutional investors.

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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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