Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by investment analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a report issued on Thursday. They presently have a $12.00 price target on the oil and gas company’s stock, down from their prior price target of $23.00. Credit Suisse Group’s target price would indicate a potential upside of 13.74% from the company’s current price.
Other equities research analysts have also issued reports about the stock. Societe Generale started coverage on shares of Forum Energy Technologies in a report on Wednesday, June 7th. They issued a “buy” rating and a $20.00 target price on the stock. Deutsche Bank AG reiterated a “buy” rating and issued a $25.00 target price (down from $26.00) on shares of Forum Energy Technologies in a report on Tuesday, May 30th. TheStreet lowered shares of Forum Energy Technologies from a “c-” rating to a “d+” rating in a report on Thursday, May 25th. Morgan Stanley reiterated an “equal weight” rating and issued a $19.00 target price (down from $25.00) on shares of Forum Energy Technologies in a report on Wednesday, June 21st. Finally, Barclays PLC lowered shares of Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $24.00 to $16.00 in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. Forum Energy Technologies has a consensus rating of “Hold” and an average price target of $19.81.
Forum Energy Technologies (NYSE FET) traded up 1.93% during midday trading on Thursday, hitting $10.55. The stock had a trading volume of 755,091 shares. Forum Energy Technologies has a one year low of $10.05 and a one year high of $26.25. The firm has a 50 day moving average price of $13.23 and a 200 day moving average price of $17.08. The stock’s market cap is $1.01 billion.
Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. The company had revenue of $201.10 million for the quarter, compared to analyst estimates of $194.16 million. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. Equities analysts expect that Forum Energy Technologies will post ($0.31) EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. increased its position in Forum Energy Technologies by 0.5% in the second quarter. Suntrust Banks Inc. now owns 14,776 shares of the oil and gas company’s stock worth $229,000 after buying an additional 68 shares during the period. Virginia Retirement Systems ET AL increased its position in Forum Energy Technologies by 8.7% in the first quarter. Virginia Retirement Systems ET AL now owns 10,979 shares of the oil and gas company’s stock worth $227,000 after buying an additional 879 shares during the period. OLD National Bancorp IN increased its position in Forum Energy Technologies by 7.9% in the first quarter. OLD National Bancorp IN now owns 12,050 shares of the oil and gas company’s stock worth $249,000 after buying an additional 885 shares during the period. US Bancorp DE increased its position in Forum Energy Technologies by 8.0% in the second quarter. US Bancorp DE now owns 13,241 shares of the oil and gas company’s stock worth $206,000 after buying an additional 986 shares during the period. Finally, Nationwide Fund Advisors increased its position in Forum Energy Technologies by 1.7% in the second quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock worth $1,040,000 after buying an additional 1,083 shares during the period.
Forum Energy Technologies Company Profile
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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