Forum Energy Technologies, Inc. (FET) Price Target Increased to $16.00 by Analysts at Citigroup Inc.
Forum Energy Technologies, Inc. (NYSE:FET) had its target price hoisted by analysts at Citigroup Inc. from $14.00 to $16.00 in a research note issued on Thursday. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 3.90% from the stock’s current price.
A number of other equities analysts have also issued reports on the company. Credit Suisse Group lowered Forum Energy Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the company from $23.00 to $12.00 in a research report on Thursday, August 24th. BidaskClub lowered Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Zacks Investment Research raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Scotiabank set a $24.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research report on Monday, July 31st. Finally, Cowen and Company cut their target price on Forum Energy Technologies from $15.00 to $11.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $19.27.
Shares of Forum Energy Technologies (NYSE FET) traded up 0.65% during trading on Thursday, reaching $15.50. 809,120 shares of the company’s stock traded hands. Forum Energy Technologies has a 1-year low of $10.05 and a 1-year high of $26.25. The stock’s market capitalization is $1.49 billion. The company has a 50 day moving average price of $12.91 and a 200 day moving average price of $15.60.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. The company had revenue of $201.10 million for the quarter, compared to analyst estimates of $194.16 million. On average, equities analysts forecast that Forum Energy Technologies will post ($0.30) EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently modified their holdings of the stock. Suntrust Banks Inc. grew its stake in Forum Energy Technologies by 0.5% during the 2nd quarter. Suntrust Banks Inc. now owns 14,776 shares of the oil and gas company’s stock worth $229,000 after buying an additional 68 shares during the last quarter. Virginia Retirement Systems ET AL grew its stake in Forum Energy Technologies by 8.7% during the 1st quarter. Virginia Retirement Systems ET AL now owns 10,979 shares of the oil and gas company’s stock worth $227,000 after buying an additional 879 shares during the last quarter. US Bancorp DE grew its stake in Forum Energy Technologies by 8.0% during the 2nd quarter. US Bancorp DE now owns 13,241 shares of the oil and gas company’s stock worth $206,000 after buying an additional 986 shares during the last quarter. Nationwide Fund Advisors grew its stake in Forum Energy Technologies by 1.7% during the 2nd quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock worth $1,040,000 after buying an additional 1,083 shares during the last quarter. Finally, Cutler Group LP grew its stake in Forum Energy Technologies by 22.8% during the 2nd quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock worth $109,000 after buying an additional 1,300 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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