Forum Energy Technologies (NYSE:FET) Downgraded by Gabelli to Hold

Gabelli cut shares of Forum Energy Technologies (NYSE:FET) from a buy rating to a hold rating in a report released on Monday morning, Briefing.com Automated Import reports.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Forum Energy Technologies from a hold rating to a strong sell rating in a research note on Friday, July 26th. Citigroup set a $5.00 price objective on shares of Forum Energy Technologies and gave the stock a buy rating in a research note on Thursday, June 20th. ValuEngine downgraded shares of Forum Energy Technologies from a sell rating to a strong sell rating in a research note on Tuesday, July 2nd. Bank of America reiterated a neutral rating and issued a $3.50 target price (down from $7.00) on shares of Forum Energy Technologies in a research note on Tuesday, June 25th. Finally, B. Riley set a $4.00 target price on shares of Forum Energy Technologies and gave the company a hold rating in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $7.89.

Forum Energy Technologies stock opened at $2.25 on Monday. The business’s 50-day simple moving average is $2.96. Forum Energy Technologies has a one year low of $2.16 and a one year high of $12.85. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.16 and a current ratio of 3.18. The firm has a market cap of $287.96 million, a P/E ratio of 112.50 and a beta of 2.33.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). Forum Energy Technologies had a negative return on equity of 0.19% and a negative net margin of 38.63%. The business had revenue of $245.60 million for the quarter, compared to analyst estimates of $254.91 million. During the same quarter in the prior year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was down 10.4% on a year-over-year basis. Analysts expect that Forum Energy Technologies will post -0.18 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Forum Energy Technologies by 1.6% in the 4th quarter. BlackRock Inc. now owns 5,926,930 shares of the oil and gas company’s stock valued at $24,479,000 after acquiring an additional 91,883 shares during the period. Dimensional Fund Advisors LP raised its holdings in Forum Energy Technologies by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,844,794 shares of the oil and gas company’s stock valued at $24,140,000 after acquiring an additional 109,301 shares during the period. Perella Weinberg Partners Capital Management LP raised its holdings in Forum Energy Technologies by 33.4% in the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 5,004,973 shares of the oil and gas company’s stock valued at $17,117,000 after acquiring an additional 1,252,305 shares during the period. Millennium Management LLC raised its holdings in Forum Energy Technologies by 243.0% in the 4th quarter. Millennium Management LLC now owns 3,678,074 shares of the oil and gas company’s stock valued at $15,190,000 after acquiring an additional 2,605,832 shares during the period. Finally, FMR LLC raised its holdings in Forum Energy Technologies by 81.7% in the 1st quarter. FMR LLC now owns 3,014,397 shares of the oil and gas company’s stock valued at $15,404,000 after acquiring an additional 1,355,397 shares during the period. Institutional investors and hedge funds own 90.45% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.

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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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