Bank of America Reiterates Buy Rating for Forum Energy Technologies (FET)
Forum Energy Technologies (NYSE:FET)‘s stock had its “buy” rating restated by equities researchers at Bank of America in a research report issued on Tuesday, AnalystRatingsNetwork reports. They currently have a $33.00 price objective on the stock. Bank of America’s target price suggests a potential upside of 11.75% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Johnson Rice upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 27th. Separately, analysts at Zacks downgraded shares of Forum Energy Technologies from a “neutral” rating to an “underperform” rating in a research note on Tuesday, February 11th. They now have a $24.50 price target on the stock. Finally, analysts at Jefferies Group cut their price target on shares of Forum Energy Technologies from $29.00 to $28.00 in a research note on Monday, February 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.14.
Shares of Forum Energy Technologies (NYSE:FET) opened at 29.89 on Tuesday. Forum Energy Technologies has a 52-week low of $24.32 and a 52-week high of $32.52. The stock has a 50-day moving average of $28.60 and a 200-day moving average of $27.93. The company has a market cap of $2.642 billion and a P/E ratio of 21.55.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Friday, February 7th. The company reported $0.39 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.40 by $0.01. On average, analysts predict that Forum Energy Technologies will post $1.77 earnings per share for the current fiscal year.
In other Forum Energy Technologies news, VP Tylar Schmitt sold 12,950 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $30.88, for a total transaction of $399,896.00. Following the transaction, the vice president now directly owns 29,325 shares in the company, valued at approximately $905,556. The transaction was disclosed in a document filed with the SEC, which is available at this link.
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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