Forum Energy Technologies (NYSE:FET) Trading Down 14.1%

Forum Energy Technologies Inc (NYSE:FET) traded down 14.1% during mid-day trading on Thursday . The company traded as low as $2.16 and last traded at $2.25, 1,459,998 shares were traded during trading. An increase of 25% from the average session volume of 1,169,787 shares. The stock had previously closed at $2.62.

FET has been the subject of several recent research reports. Barclays lowered their price target on shares of Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 9th. Piper Jaffray Companies lowered their price target on shares of Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating for the company in a research note on Tuesday. Citigroup lowered their price target on shares of Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday. Gabelli downgraded shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, ValuEngine raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Forum Energy Technologies has an average rating of “Hold” and an average price target of $7.89.

The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 1.16. The firm has a market capitalization of $287.96 million, a price-to-earnings ratio of 103.00 and a beta of 2.32. The business has a 50 day simple moving average of $2.93.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.19%. The firm had revenue of $245.60 million during the quarter, compared to analysts’ expectations of $254.91 million. During the same quarter in the previous year, the firm posted ($0.01) EPS. Forum Energy Technologies’s revenue was down 10.4% compared to the same quarter last year. On average, research analysts predict that Forum Energy Technologies Inc will post -0.18 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in FET. Millennium Management LLC increased its position in shares of Forum Energy Technologies by 243.0% in the fourth 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. FMR LLC increased its position in shares of Forum Energy Technologies by 81.7% in the first 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. Perella Weinberg Partners Capital Management LP increased its position in shares of Forum Energy Technologies by 33.4% in the second 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. Deutsche Bank AG increased its position in shares of Forum Energy Technologies by 128.8% in the fourth quarter. Deutsche Bank AG now owns 1,493,706 shares of the oil and gas company’s stock valued at $6,168,000 after acquiring an additional 840,775 shares during the period. Finally, Sapience Investments LLC increased its position in shares of Forum Energy Technologies by 16.1% in the first quarter. Sapience Investments LLC now owns 2,885,170 shares of the oil and gas company’s stock valued at $14,743,000 after acquiring an additional 399,050 shares during the period. Hedge funds and other institutional investors own 90.45% of the company’s stock.

Forum Energy Technologies Company Profile (NYSE:FET)

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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