Forum Energy Technologies Inc. (FET) PT Raised to $23.00 at Citigroup Inc.
Forum Energy Technologies Inc. (NYSE:FET) had its price target upped by Citigroup Inc. from $19.00 to $23.00 in a research note issued to investors on Tuesday. The firm presently has a “neutral” rating on the stock. Citigroup Inc.’s price objective would suggest a potential upside of 2.91% from the company’s current price.
FET has been the subject of several other research reports. Morgan Stanley set a $23.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a research note on Tuesday, September 20th. Credit Suisse Group AG set a $19.00 target price on shares of Forum Energy Technologies and gave the company a “buy” rating in a research note on Monday, August 1st. Scotiabank reiterated a “sector perform” rating and issued a $19.00 target price (up previously from $16.00) on shares of Forum Energy Technologies in a research note on Friday, June 17th. Capital One Financial Corp. upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, August 16th. Finally, Simmons reiterated a “neutral” rating and issued a $18.00 target price (up previously from $15.25) on shares of Forum Energy Technologies in a research note on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $17.95.
Shares of Forum Energy Technologies (NYSE:FET) traded down 2.573% during trading on Tuesday, reaching $21.775. The company had a trading volume of 406,985 shares. The company’s market cap is $1.98 billion. Forum Energy Technologies has a 12-month low of $8.47 and a 12-month high of $22.85. The firm has a 50-day moving average of $18.60 and a 200-day moving average of $16.70.
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Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Friday, July 29th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative net margin of 28.04% and a negative return on equity of 3.20%. The company earned $142.80 million during the quarter, compared to analysts’ expectations of $143.17 million. During the same period in the prior year, the company earned $0.16 earnings per share. The business’s quarterly revenue was down 49.8% compared to the same quarter last year. On average, equities research analysts anticipate that Forum Energy Technologies will post ($0.78) EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its stake in Forum Energy Technologies by 55.6% in the third quarter. BNP Paribas Arbitrage SA now owns 7,519 shares of the company’s stock worth $149,000 after buying an additional 2,688 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake 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 in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Forum Energy Technologies by 14.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 345,344 shares of the company’s stock worth $5,978,000 after buying an additional 42,861 shares in the last quarter. GLG Partners LP acquired a new stake in Forum Energy Technologies during the second quarter worth approximately $3,990,000. Finally, Silvercrest Asset Management Group LLC raised its stake in Forum Energy Technologies by 11.0% in the second quarter. Silvercrest Asset Management Group LLC now owns 2,399,380 shares of the company’s stock worth $41,533,000 after buying an additional 238,344 shares in the last quarter.
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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