Forum Energy Technologies Shares Gap Up Following Analyst Upgrade (FET)
Forum Energy Technologies (NYSE:FET)’s share price gapped up prior to trading on Friday after Jefferies Group raised their price target on the stock from $32.00 to $35.00, Analyst Ratings Network.com reports. The stock had previously closed at $35.17, but opened at $35.35. Forum Energy Technologies shares last traded at $36.01, with a volume of 613,290 shares trading hands.
FET has been the subject of a number of other recent research reports. Analysts at Howard Weil raised their price target on shares of Forum Energy Technologies to $37.00 in a research note on Monday, April 28th. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Forum Energy Technologies from $33.00 to $38.00 in a research note on Monday, April 28th. They now have an “overweight” rating on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of Forum Energy Technologies from $35.00 to $38.00 in a research note on Monday, April 28th. They now have a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $33.88.
In other Forum Energy Technologies news, VP Michael Dewayne Danford sold 12,000 shares of Forum Energy Technologies stock on the open market in a transaction dated Thursday, June 19th. The stock was sold at an average price of $34.73, for a total value of $416,760.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
The stock’s 50-day moving average is $32.92 and its 200-day moving average is $29.15. The company has a market cap of $3.311 billion and a P/E ratio of 25.07.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, April 24th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. The company had revenue of $403.90 million for the quarter, compared to the consensus estimate of $403.17 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts predict that Forum Energy Technologies will post $1.82 earnings per share for the current fiscal year.
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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