Forum Energy Technologies (NYSE:FET) had its price target dropped by Citigroup from $14.00 to $13.00 in a research report issued on Friday, September 14th, Stock Target Advisor reports. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price objective points to a potential upside of 14.34% from the company’s current price.
A number of other brokerages also recently issued reports on FET. ValuEngine raised Forum Energy Technologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 7th. Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Thursday, August 2nd. Finally, Credit Suisse Group boosted their target price on Forum Energy Technologies from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $14.25.
FET traded up $0.25 during midday trading on Friday, hitting $11.37. 1,051,900 shares of the company were exchanged, compared to its average volume of 1,047,556. The company has a market capitalization of $1.13 billion, a PE ratio of -29.74 and a beta of 2.02. Forum Energy Technologies has a 1-year low of $9.95 and a 1-year high of $17.95. The company has a current ratio of 3.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Monday, July 30th. The oil and gas company reported ($0.01) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The firm had revenue of $274.00 million for the quarter, compared to the consensus estimate of $268.50 million. Forum Energy Technologies had a negative return on equity of 1.72% and a net margin of 5.08%. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.10) EPS. Equities research analysts predict that Forum Energy Technologies will post -0.02 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its position in shares of Forum Energy Technologies by 4.1% during the second quarter. Northern Trust Corp now owns 1,502,414 shares of the oil and gas company’s stock worth $18,556,000 after acquiring an additional 58,539 shares in the last quarter. Moody Aldrich Partners LLC lifted its position in shares of Forum Energy Technologies by 69.5% during the second quarter. Moody Aldrich Partners LLC now owns 129,255 shares of the oil and gas company’s stock worth $1,596,000 after acquiring an additional 53,016 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Forum Energy Technologies by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 623,253 shares of the oil and gas company’s stock worth $7,699,000 after acquiring an additional 28,699 shares in the last quarter. Schroder Investment Management Group purchased a new stake in shares of Forum Energy Technologies during the second quarter worth $4,391,000. Finally, Energy Opportunities Capital Management LLC lifted its position in shares of Forum Energy Technologies by 93.1% during the second quarter. Energy Opportunities Capital Management LLC now owns 393,383 shares of the oil and gas company’s stock worth $4,858,000 after acquiring an additional 189,715 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.
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 in 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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