Cowen and Company Lowers Forum Energy Technologies Inc. (FET) to Market Perform
Forum Energy Technologies Inc. (NYSE:FET) was downgraded by investment analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a report released on Friday. They presently have a $18.00 price objective on the stock. Cowen and Company’s target price would indicate a potential downside of 16.86% from the company’s previous close.
Several other equities analysts have also weighed in on FET. Citigroup Inc. cut their target price on Forum Energy Technologies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 3rd. Credit Suisse Group AG raised Forum Energy Technologies from a “neutral” rating to an “outperform” rating and set a $18.00 target price on the stock in a research note on Monday, July 18th. Jefferies Group cut their target price on Forum Energy Technologies from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Monday, July 11th. Capital One Financial Corp. reissued an “equal weight” rating on shares of Forum Energy Technologies in a research note on Friday, July 29th. Finally, Iberia Capital raised Forum Energy Technologies from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $18.00 to $21.00 in a research note on Monday, August 1st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating to the stock. Forum Energy Technologies presently has an average rating of “Hold” and a consensus price target of $17.95.
Shares of Forum Energy Technologies (NYSE:FET) opened at 21.65 on Friday. The company’s market cap is $1.96 billion. Forum Energy Technologies has a 12 month low of $8.47 and a 12 month high of $22.85. The firm’s 50-day moving average price is $18.92 and its 200-day moving average price is $16.81.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/14/cowen-and-company-lowers-forum-energy-technologies-inc-fet-to-market-perform.html
Forum Energy Technologies (NYSE:FET) last released its earnings results on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The firm had revenue of $142.80 million for the quarter, compared to analyst estimates of $143.17 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The company’s quarterly revenue was down 49.8% on a year-over-year basis. Equities analysts predict that Forum Energy Technologies will post ($0.78) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Advisors Inc. increased its position in shares of Forum Energy Technologies by 0.8% in the first quarter. Teachers Advisors Inc. now owns 88,351 shares of the company’s stock valued at $1,166,000 after buying an additional 719 shares in the last quarter. Prudential Financial Inc. boosted its stake in Forum Energy Technologies by 4.0% in the first quarter. Prudential Financial Inc. now owns 626,045 shares of the company’s stock valued at $8,264,000 after buying an additional 23,900 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Forum Energy Technologies during the first quarter valued at $241,000. Royce & Associates LP boosted its stake in Forum Energy Technologies by 53.1% in the first quarter. Royce & Associates LP now owns 313,719 shares of the company’s stock valued at $4,141,000 after buying an additional 108,800 shares during the last quarter. Finally, BP Capital Fund Advisors LLC boosted its stake in Forum Energy Technologies by 19.1% in the first quarter. BP Capital Fund Advisors LLC now owns 497,576 shares of the company’s stock valued at $6,568,000 after buying an additional 79,646 shares during 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.
Receive News & Ratings for Forum Energy Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.