Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.

According to Zacks, “Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs and manufactures products, and engages in aftermarket services, parts supply and related services that complement the Company’s product offering. “

Other research analysts have also issued research reports about the company. Scotiabank set a $24.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. Jefferies Group LLC reiterated a “hold” rating and set a $22.00 target price on shares of Forum Energy Technologies in a research note on Wednesday, March 22nd. Credit Suisse Group reiterated a “buy” rating and set a $23.00 target price on shares of Forum Energy Technologies in a research note on Thursday, March 30th. Wolfe Research downgraded Forum Energy Technologies from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $24.00 to $21.00 in a research note on Monday, April 17th. Finally, J P Morgan Chase & Co upgraded Forum Energy Technologies from an “underweight” rating to a “neutral” rating and set a $16.00 target price for the company in a research note on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $20.76.

Shares of Forum Energy Technologies (NYSE FET) traded up 1.64% during trading on Monday, hitting $15.50. The stock had a trading volume of 649,342 shares. The firm has a 50 day moving average of $16.34 and a 200 day moving average of $19.71. Forum Energy Technologies has a 1-year low of $14.05 and a 1-year high of $26.25. The company’s market capitalization is $1.49 billion.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.14) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.02. The company had revenue of $171.10 million for the quarter, compared to analyst estimates of $164.38 million. Forum Energy Technologies had a negative return on equity of 5.16% and a negative net margin of 12.50%. Forum Energy Technologies’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) earnings per share. Analysts expect that Forum Energy Technologies will post ($0.30) EPS for the current fiscal year.

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Institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Forum Energy Technologies by 0.4% in the third quarter. BlackRock Inc. now owns 16,610 shares of the oil and gas company’s stock worth $330,000 after buying an additional 69 shares during the last quarter. First Republic Investment Management Inc. boosted its position in shares of Forum Energy Technologies by 2.5% in the fourth quarter. First Republic Investment Management Inc. now owns 14,795 shares of the oil and gas company’s stock worth $325,000 after buying an additional 365 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Forum Energy Technologies by 0.6% in the third quarter. Rhumbline Advisers now owns 73,008 shares of the oil and gas company’s stock worth $1,450,000 after buying an additional 435 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of Forum Energy Technologies by 7.2% in the second quarter. Teacher Retirement System of Texas now owns 8,274 shares of the oil and gas company’s stock worth $143,000 after buying an additional 555 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Forum Energy Technologies by 6.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 11,234 shares of the oil and gas company’s stock worth $247,000 after buying an additional 642 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. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.

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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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