Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

Several other brokerages also recently issued reports on FET. Scotiabank set a $24.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, October 12th. Cowen and Company set a $11.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Friday, October 6th. BidaskClub downgraded shares of Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Credit Suisse Group 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 report on Thursday, August 24th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $19.00 price target (down previously from $25.00) on shares of Forum Energy Technologies in a report on Wednesday, June 21st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $18.56.

Forum Energy Technologies (NYSE FET) traded down 1.07% on Tuesday, reaching $13.90. 506,327 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $13.88 and a 200-day moving average of $15.37. The company’s market cap is $1.34 billion. Forum Energy Technologies has a 12-month low of $10.05 and a 12-month high of $26.25.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. The company had revenue of $201.10 million for the quarter, compared to the consensus estimate of $194.16 million. Equities analysts expect that Forum Energy Technologies will post ($0.31) EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in FET. Ameritas Investment Partners Inc. purchased a new position in shares of Forum Energy Technologies during the first quarter valued at approximately $107,000. Cutler Group LP raised its stake in Forum Energy Technologies by 22.8% during the second quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock worth $109,000 after purchasing an additional 1,300 shares during the period. D.A. Davidson & CO. purchased a new position in Forum Energy Technologies during the second quarter worth approximately $116,000. Independent Portfolio Consultants Inc. raised its stake in Forum Energy Technologies by 1,150.8% during the second quarter. Independent Portfolio Consultants Inc. now owns 7,505 shares of the oil and gas company’s stock worth $117,000 after purchasing an additional 6,905 shares during the period. Finally, QS Investors LLC raised its stake in Forum Energy Technologies by 205.7% during the second quarter. QS Investors LLC now owns 8,323 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 5,600 shares during the period. 95.64% of the stock is currently owned by institutional investors and hedge funds.

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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