Forum Energy Technologies, Inc. (FET) PT Set at $11.00 by Cowen and Company
Forum Energy Technologies, Inc. (NYSE:FET) received a $11.00 target price from equities researchers at Cowen and Company in a report issued on Friday. The brokerage currently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s target price would suggest a potential downside of 26.67% from the company’s previous close.
Several other brokerages also recently commented on FET. BidaskClub downgraded shares of Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Credit Suisse Group AG downgraded shares of Forum Energy Technologies from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $12.00 in a research report on Thursday, August 24th. Morgan Stanley restated an “equal weight” rating and issued a $19.00 price target (down previously from $25.00) on shares of Forum Energy Technologies in a research report on Wednesday, June 21st. Jefferies Group LLC set a $17.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research upgraded shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $19.27.
Forum Energy Technologies (FET) traded down 3.23% during midday trading on Friday, hitting $15.00. 628,893 shares of the stock were exchanged. Forum Energy Technologies has a 52 week low of $10.05 and a 52 week high of $26.25. The firm’s 50-day moving average is $13.04 and its 200 day moving average is $15.60. The stock’s market cap is $1.44 billion.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. The business had revenue of $201.10 million during the quarter, compared to the consensus estimate of $194.16 million. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. Equities research analysts expect that Forum Energy Technologies will post ($0.30) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of FET. Bank of New York Mellon Corp grew its position in Forum Energy Technologies by 2.0% in the 1st quarter. Bank of New York Mellon Corp now owns 418,688 shares of the oil and gas company’s stock worth $8,668,000 after purchasing an additional 8,248 shares during the last quarter. Swiss National Bank grew its position in Forum Energy Technologies by 2.7% in the 1st quarter. Swiss National Bank now owns 97,724 shares of the oil and gas company’s stock worth $2,023,000 after purchasing an additional 2,600 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Forum Energy Technologies in the 1st quarter worth $2,546,000. Virginia Retirement Systems ET AL grew its position in Forum Energy Technologies by 8.7% in 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 purchasing an additional 879 shares during the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new stake in Forum Energy Technologies in the 1st quarter worth $107,000.
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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