Forum Energy Technologies Inc. (FET) PT Set at $23.00 by Morgan Stanley
Forum Energy Technologies Inc. (NYSE:FET) received a $23.00 target price from research analysts at Morgan Stanley in a report issued on Tuesday. The brokerage currently has a a “hold” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 33.64% from the stock’s current price.
FET has been the topic of several other reports. Citigroup Inc. upped their price objective on shares of Forum Energy Technologies from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, September 2nd. Scotiabank restated a “sector perform” rating and issued a $19.00 price objective (up from $16.00) on shares of Forum Energy Technologies in a research report on Friday, June 17th. Gabelli initiated coverage on shares of Forum Energy Technologies in a research report on Thursday, September 15th. They issued a “hold” rating and a $21.00 price objective on the stock. Capital One Financial Corp. restated an “equal weight” rating on shares of Forum Energy Technologies in a research report on Friday, July 29th. Finally, Credit Suisse Group AG set a $19.00 price objective on shares of Forum Energy Technologies and gave the stock a “buy” rating in a research report on Monday, August 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $16.89.
Forum Energy Technologies (NYSE:FET) traded up 5.23% on Tuesday, reaching $18.11. 317,510 shares of the company’s stock traded hands. The firm’s 50-day moving average is $17.52 and its 200 day moving average is $16.02. Forum Energy Technologies has a 12 month low of $8.47 and a 12 month high of $19.32. The firm’s market cap is $1.64 billion.
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Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. The company had revenue of $142.80 million for the quarter, compared to analysts’ expectations of $143.17 million. Forum Energy Technologies had a negative net margin of 28.04% and a negative return on equity of 3.20%. Forum Energy Technologies’s revenue for the quarter was down 49.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.16 earnings per share. Equities analysts predict that Forum Energy Technologies will post ($0.78) EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its position in Forum Energy Technologies by 13.8% in the second quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the company’s stock worth $100,000 after buying an additional 700 shares during the period. Teacher Retirement System of Texas increased its position in Forum Energy Technologies by 7.2% in the second quarter. Teacher Retirement System of Texas now owns 8,274 shares of the company’s stock worth $143,000 after buying an additional 555 shares during the period. Envestnet Asset Management Inc. increased its position in Forum Energy Technologies by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,868 shares of the company’s stock worth $130,000 after buying an additional 749 shares during the period. Virginia Retirement Systems ET AL purchased a new position in Forum Energy Technologies during the second quarter worth about $175,000. Finally, KCG Holdings Inc. purchased a new position in Forum Energy Technologies during the second quarter worth about $237,000.
Forum Energy Technologies Company Profile
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.
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