Forum Energy Technologies, Inc. (FET) Receives Consensus Recommendation of “Hold” from Analysts
Forum Energy Technologies, Inc. (NYSE:FET) has been given an average rating of “Hold” by the twenty-one research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $20.69.
A number of brokerages have recently commented on FET. BidaskClub upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Jefferies Group LLC set a $22.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, April 27th. Societe Generale started coverage on Forum Energy Technologies in a research note on Wednesday, June 7th. They issued a “buy” rating and a $20.00 target price for the company. Barclays PLC lowered Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $24.00 to $16.00 in a research note on Wednesday, July 12th. Finally, Guggenheim lowered Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 27th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hillman Co. raised its position in Forum Energy Technologies by 14.3% in the first quarter. Hillman Co. now owns 2,325,810 shares of the oil and gas company’s stock valued at $48,145,000 after buying an additional 290,558 shares in the last quarter. Adams Diversified Equity Fund Inc. raised its position in Forum Energy Technologies by 2.9% in the first quarter. Adams Diversified Equity Fund Inc. now owns 46,600 shares of the oil and gas company’s stock valued at $965,000 after buying an additional 1,300 shares in the last quarter. Envestnet Asset Management Inc. raised its position in 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 valued at $247,000 after buying an additional 642 shares in the last quarter. Champlain Investment Partners LLC raised its position in Forum Energy Technologies by 2.2% in the first quarter. Champlain Investment Partners LLC now owns 2,361,150 shares of the oil and gas company’s stock valued at $48,876,000 after buying an additional 50,355 shares in the last quarter. Finally, Barings LLC bought a new position in Forum Energy Technologies during the first quarter valued at about $8,429,000.
Forum Energy Technologies (FET) opened at 15.45 on Friday. The firm’s market cap is $1.48 billion. The firm has a 50-day moving average of $15.86 and a 200-day moving average of $18.96. Forum Energy Technologies has a 12-month low of $14.05 and a 12-month high of $26.25.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Forum Energy Technologies had a negative return on equity of 5.16% and a negative net margin of 12.50%. The company had revenue of $171.10 million during the quarter, compared to analyst estimates of $164.38 million. During the same period in the previous year, the company earned ($0.22) earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, analysts expect that Forum Energy Technologies will post ($0.30) EPS for the current year.
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About Forum Energy Technologies
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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