Forum Energy Technologies (NYSE:FET) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of Forum Energy Technologies (NYSE:FET) from a sell rating to a hold rating in a research report released on Thursday morning, ValuEngine reports.

FET has been the subject of several other reports. B. Riley set a $4.00 price objective on Forum Energy Technologies and gave the stock a hold rating in a research report on Friday, July 12th. Gabelli downgraded Forum Energy Technologies from a buy rating to a hold rating in a report on Monday, July 29th. Barclays cut their price target on Forum Energy Technologies from $7.00 to $6.00 and set an equal weight rating for the company in a report on Tuesday, April 9th. Zacks Investment Research downgraded Forum Energy Technologies from a hold rating to a strong sell rating in a report on Friday, July 26th. Finally, Piper Jaffray Companies cut their price target on Forum Energy Technologies from $4.25 to $3.00 and set an overweight rating for the company in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. Forum Energy Technologies currently has a consensus rating of Hold and a consensus price target of $7.89.

Shares of Forum Energy Technologies stock traded down $0.01 during trading on Thursday, hitting $2.05. 30,420 shares of the company were exchanged, compared to its average volume of 1,347,716. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.25 and a quick ratio of 1.16. Forum Energy Technologies has a fifty-two week low of $2.04 and a fifty-two week high of $12.85. The stock has a market cap of $227.38 million, a PE ratio of 98.50 and a beta of 2.32. The stock has a 50 day moving average of $2.93.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.03). Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. The company 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 firm earned ($0.01) earnings per share. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. As a group, research analysts forecast that Forum Energy Technologies will post -0.18 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its stake in shares of Forum Energy Technologies by 1.6% during 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 buying an additional 91,883 shares during the period. Rhumbline Advisers boosted its position in Forum Energy Technologies by 9.0% during the 1st quarter. Rhumbline Advisers now owns 127,405 shares of the oil and gas company’s stock worth $651,000 after purchasing an additional 10,507 shares during the period. Geode Capital Management LLC boosted its position in Forum Energy Technologies by 6.0% during the 4th quarter. Geode Capital Management LLC now owns 799,256 shares of the oil and gas company’s stock worth $3,300,000 after purchasing an additional 45,195 shares during the period. Citigroup Inc. boosted its position in Forum Energy Technologies by 588.6% during the 4th quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock worth $50,000 after purchasing an additional 10,412 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Forum Energy Technologies by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,844,794 shares of the oil and gas company’s stock worth $24,140,000 after purchasing an additional 109,301 shares during the period. Institutional investors own 90.49% 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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