Forum Energy Technologies (NYSE:FET) Shares Gap Down to $1.48

Forum Energy Technologies Inc (NYSE:FET) shares gapped down before the market opened on Thursday . The stock had previously closed at $1.41, but opened at $1.48. Forum Energy Technologies shares last traded at $1.48, with a volume of 20,147 shares traded.

A number of analysts have commented on the company. Zacks Investment Research cut Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, July 26th. B. Riley set a $4.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Friday, July 12th. Bank of America reaffirmed a “neutral” rating and set a $3.50 price target (down previously from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Gabelli cut Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $7.89.

The firm has a market cap of $179.91 million, a price-to-earnings ratio of 72.00 and a beta of 2.31. The company has a fifty day moving average price of $2.50 and a 200-day moving average price of $4.50. The company has a current ratio of 3.25, a quick ratio of 1.15 and a debt-to-equity ratio of 0.52.

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). The company had revenue of $245.60 million during the quarter, compared to analyst estimates of $254.91 million. Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.20%. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) EPS. As a group, research analysts forecast that Forum Energy Technologies Inc will post -0.2 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of FET. Energy Opportunities Capital Management LLC increased its stake in Forum Energy Technologies by 107.8% during the 2nd quarter. Energy Opportunities Capital Management LLC now owns 196,139 shares of the oil and gas company’s stock worth $671,000 after buying an additional 101,765 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Forum Energy Technologies during the 2nd quarter worth approximately $3,096,000. Citadel Advisors LLC increased its stake in Forum Energy Technologies by 51.2% during the 2nd quarter. Citadel Advisors LLC now owns 2,993,929 shares of the oil and gas company’s stock worth $10,239,000 after buying an additional 1,014,101 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in Forum Energy Technologies by 67.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 101,143 shares of the oil and gas company’s stock worth $346,000 after buying an additional 40,614 shares in the last quarter. Finally, Jefferies Group LLC increased its stake in Forum Energy Technologies by 21.8% during the 2nd quarter. Jefferies Group LLC now owns 39,840 shares of the oil and gas company’s stock worth $136,000 after buying an additional 7,141 shares in the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

About Forum Energy Technologies (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.

Further Reading: Price to Earnings Ratio (PE)

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