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.
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