Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The brokerage presently has a $1.25 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 23.76% from the company’s current price.
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. “
Several other research firms also recently issued reports on FET. Morgan Stanley lowered their price objective on Forum Energy Technologies from $3.50 to $3.00 and set an “equal weight” rating for the company in a research note on Monday, October 7th. Piper Jaffray Companies lowered their price objective on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Scotiabank set a $1.00 price objective on Forum Energy Technologies and gave the company a “hold” rating in a research note on Monday, August 26th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Citigroup downgraded Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research note on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $3.09.
Forum Energy Technologies stock opened at $1.01 on Thursday. The business has a 50 day moving average of $1.32 and a 200-day moving average of $2.64. Forum Energy Technologies has a 1 year low of $0.96 and a 1 year high of $7.77. The company has a quick ratio of 1.11, a current ratio of 3.09 and a debt-to-equity ratio of 0.93.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. Forum Energy Technologies had a negative return on equity of 0.34% and a negative net margin of 91.13%. The company had revenue of $239.30 million during the quarter, compared to the consensus estimate of $245.31 million. On average, sell-side analysts anticipate that Forum Energy Technologies will post -0.2 EPS for the current year.
In other news, CEO C Christopher Gaut bought 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $1.35 per share, with a total value of $27,000.00. Following the transaction, the chief executive officer now owns 1,827,333 shares of the company’s stock, valued at approximately $2,466,899.55. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 28.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in FET. Assenagon Asset Management S.A. increased its position in Forum Energy Technologies by 501.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,441,643 shares of the oil and gas company’s stock valued at $3,785,000 after purchasing an additional 2,035,443 shares during the period. FMR LLC increased its position in Forum Energy Technologies by 81.7% during the 1st quarter. FMR LLC now owns 3,014,397 shares of the oil and gas company’s stock valued at $15,404,000 after purchasing an additional 1,355,397 shares during the period. Perella Weinberg Partners Capital Management LP increased its position in Forum Energy Technologies by 33.4% during the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 5,004,973 shares of the oil and gas company’s stock valued at $17,117,000 after purchasing an additional 1,252,305 shares during the period. Citadel Advisors LLC increased its position 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 valued at $10,239,000 after purchasing an additional 1,014,101 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in Forum Energy Technologies during the 2nd quarter valued at approximately $3,096,000. 89.54% of the stock is owned by institutional investors and hedge funds.
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 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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