Forum Energy Technologies (NYSE:FET) Shares Down 9.1%

Shares of Forum Energy Technologies Inc (NYSE:FET) traded down 9.1% during trading on Friday . The company traded as low as $1.57 and last traded at $1.59, 691,609 shares traded hands during mid-day trading. A decline of 43% from the average session volume of 1,205,521 shares. The stock had previously closed at $1.75.

A number of analysts have recently commented on the stock. Citigroup cut their price objective on shares of Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Piper Jaffray Companies cut their price objective on shares of Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. B. Riley set a $4.00 price objective on shares of Forum Energy Technologies and gave the stock a “hold” rating in a research report on Friday, July 12th. ValuEngine raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Bank of America reissued a “neutral” rating and issued a $3.50 price objective (down previously from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. Forum Energy Technologies currently has an average rating of “Hold” and an average target price of $7.89.

The company has a debt-to-equity ratio of 0.52, a current ratio of 3.25 and a quick ratio of 1.15. The company’s 50-day simple moving average is $2.24 and its 200-day simple moving average is $4.38. The stock has a market capitalization of $188.74 million, a P/E ratio of 79.50 and a beta of 2.31.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results 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 firm had revenue of $245.60 million for the quarter, compared to the consensus estimate of $254.91 million. During the same period last year, the company posted ($0.01) earnings per share. The business’s revenue was down 10.4% compared to the same quarter last year. On average, analysts forecast that Forum Energy Technologies Inc will post -0.22 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantamental Technologies LLC bought a new stake in Forum Energy Technologies during the second quarter worth $35,000. Alambic Investment Management L.P. bought a new stake in Forum Energy Technologies during the second quarter worth $60,000. Menta Capital LLC bought a new stake in Forum Energy Technologies during the second quarter worth $62,000. Pearl River Capital LLC bought a new stake in Forum Energy Technologies during the first quarter worth $70,000. Finally, Keystone Financial Group acquired a new position in shares of Forum Energy Technologies in the first quarter valued at $77,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Article: When can a hold rating present a buying opportunity?

Receive News & Ratings for Forum Energy Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies and related companies with MarketBeat.com's FREE daily email newsletter.