Zacks Investment Research Downgrades Forum Energy Technologies, Inc. (FET) to Hold

Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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 analysts also recently weighed in on the company. Scotiabank set a $24.00 price objective on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Thursday, October 12th. Deutsche Bank AG began coverage on Forum Energy Technologies in a research report on Tuesday, October 10th. They set a “hold” rating and a $17.00 price objective for the company. Cowen and Company set a $11.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a report on Friday, October 6th. Jefferies Group LLC set a $17.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a report on Thursday, October 5th. Finally, Citigroup Inc. upped their target price on Forum Energy Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $18.56.

Shares of Forum Energy Technologies (NYSE:FET) opened at 13.70 on Tuesday. The firm’s market capitalization is $1.32 billion. The stock has a 50 day moving average price of $14.06 and a 200-day moving average price of $15.26. Forum Energy Technologies has a 52 week low of $10.05 and a 52 week high of $26.25.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. The business had revenue of $201.10 million during the quarter, compared to the consensus estimate of $194.16 million. On average, equities research analysts forecast that Forum Energy Technologies will post ($0.32) earnings per share for the current year.

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Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new stake in shares of Forum Energy Technologies in the first quarter valued at about $107,000. Cutler Group LP increased its stake in shares of Forum Energy Technologies by 22.8% in the second quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock valued at $109,000 after buying an additional 1,300 shares during the period. D.A. Davidson & CO. acquired a new stake in shares of Forum Energy Technologies in the second quarter valued at about $116,000. Independent Portfolio Consultants Inc. increased its stake in shares of Forum Energy Technologies by 1,150.8% in the second quarter. Independent Portfolio Consultants Inc. now owns 7,505 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 6,905 shares during the period. Finally, QS Investors LLC increased its stake in shares of Forum Energy Technologies by 205.7% in the second quarter. QS Investors LLC now owns 8,323 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 5,600 shares during the period. 95.64% of the stock is owned by institutional investors.

About Forum Energy Technologies

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.

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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