Johnson Rice Increases Forum Energy Technologies Price Target to $40.00 (FET)
Investment analysts at Johnson Rice upped their target price on shares of Forum Energy Technologies (NYSE:FET) from $38.00 to $40.00 in a note issued to investors on Monday. Johnson Rice’s price target would suggest a potential upside of 12.96% from the stock’s previous close.
Forum Energy Technologies (NYSE:FET) traded down 1.33% during mid-day trading on Monday, hitting $34.94. The stock had a trading volume of 894,850 shares. Forum Energy Technologies has a 52 week low of $24.32 and a 52 week high of $37.03. The stock has a 50-day moving average of $35.46 and a 200-day moving average of $30.70. The company has a market cap of $3.235 billion and a price-to-earnings ratio of 23.30.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, July 24th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $428.30 million for the quarter, compared to the consensus estimate of $415.12 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 16.4% on a year-over-year basis. On average, analysts predict that Forum Energy Technologies will post $1.83 earnings per share for the current fiscal year.
A number of other firms have also recently commented on FET. Analysts at Tudor Pickering upgraded shares of Forum Energy Technologies from an “accumulate” rating to a “buy” rating in a research note on Wednesday, July 23rd. Analysts at Jefferies Group raised their price target on shares of Forum Energy Technologies from $32.00 to $35.00 in a research note on Friday, June 20th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $34.35.
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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