Zacks Investment Research cut shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a sell rating in a research report released on Monday 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. “
Other analysts also recently issued research reports about the company. Deutsche Bank reduced their price objective on Forum Energy Technologies from $17.00 to $16.00 and set a hold rating for the company in a research report on Monday, February 12th. Piper Jaffray set a $13.00 price objective on Forum Energy Technologies and gave the stock a hold rating in a research report on Monday, February 12th. Barclays set a $15.00 price objective on Forum Energy Technologies and gave the stock a hold rating in a research report on Monday, February 12th. Jefferies Group upgraded Forum Energy Technologies from a hold rating to a buy rating and set a $15.00 target price for the company in a research report on Tuesday, February 13th. Finally, JPMorgan Chase cut their target price on Forum Energy Technologies from $13.00 to $11.00 and set a neutral rating for the company in a research report on Monday, February 12th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Forum Energy Technologies presently has a consensus rating of Hold and an average price target of $15.38.
Shares of FET stock opened at $12.00 on Monday. The company has a quick ratio of 1.61, a current ratio of 3.65 and a debt-to-equity ratio of 0.36. Forum Energy Technologies has a 12 month low of $10.05 and a 12 month high of $19.65. The company has a market capitalization of $1,307.91, a price-to-earnings ratio of -31.58 and a beta of 1.90.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.01). Forum Energy Technologies had a negative return on equity of 2.98% and a negative net margin of 6.99%. The firm had revenue of $247.70 million during the quarter, compared to the consensus estimate of $249.85 million. During the same quarter in the prior year, the business posted ($0.16) EPS. Forum Energy Technologies’s revenue was up 68.4% compared to the same quarter last year. equities research analysts forecast that Forum Energy Technologies will post 0.02 EPS for the current year.
In related news, CEO Prady Iyyanki bought 90,000 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The stock was acquired at an average price of $10.63 per share, for a total transaction of $956,700.00. Following the transaction, the chief executive officer now directly owns 443,417 shares of the company’s stock, valued at $4,713,522.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 30.00% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. MetLife Investment Advisors LLC bought a new position in Forum Energy Technologies in the 4th quarter valued at $600,000. TIAA CREF Investment Management LLC raised its position in Forum Energy Technologies by 3.0% in the 4th quarter. TIAA CREF Investment Management LLC now owns 265,474 shares of the oil and gas company’s stock valued at $4,128,000 after purchasing an additional 7,688 shares during the last quarter. Teachers Advisors LLC raised its position in Forum Energy Technologies by 10.4% in the 4th quarter. Teachers Advisors LLC now owns 190,787 shares of the oil and gas company’s stock valued at $2,967,000 after purchasing an additional 17,952 shares during the last quarter. Paloma Partners Management Co raised its position in Forum Energy Technologies by 6.5% in the 4th quarter. Paloma Partners Management Co now owns 84,079 shares of the oil and gas company’s stock valued at $1,308,000 after purchasing an additional 5,118 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Forum Energy Technologies by 15.5% in the 4th quarter. California State Teachers Retirement System now owns 127,099 shares of the oil and gas company’s stock valued at $1,976,000 after purchasing an additional 17,044 shares during the last quarter. Hedge funds and other institutional investors own 94.25% of the company’s stock.
About Forum Energy Technologies
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 in 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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