Howard Weil Upgrades Forum Energy Technologies to Sector Outperform (FET)
Forum Energy Technologies (NYSE:FET) was upgraded by research analysts at Howard Weil from a “sector perform” rating to a “sector outperform” rating in a report released on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $35.00 price objective on the stock. Howard Weil’s price target suggests a potential upside of 26.54% from the stock’s previous close.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Friday, October 25th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.42 by $0.02. The company had revenue of $390.20 million for the quarter, compared to the consensus estimate of $407.71 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis.
A number of other firms have also recently commented on FET. Analysts at Cowen and Company cut their price target on shares of Forum Energy Technologies from $37.00 to $34.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Guggenheim initiated coverage on shares of Forum Energy Technologies in a research note to investors on Thursday, December 19th. They set a “neutral” rating on the stock. Finally, analysts at Iberia Capital initiated coverage on shares of Forum Energy Technologies in a research note to investors on Friday, December 13th. They set an “outperform” rating and a $33.00 price target on the stock. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $32.45.
Forum Energy Technologies, Inc is an oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry.
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