Forum Energy Technologies, Inc. (FET) Downgraded to “Sell” at Zacks Investment Research
Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
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 analysts have also issued reports about the company. Barclays PLC lowered Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $24.00 to $16.00 in a research note on Wednesday, July 12th. Cowen and Company reissued a “hold” rating and issued a $15.00 price target on shares of Forum Energy Technologies in a research note on Tuesday, July 11th. Jefferies Group LLC set a $17.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a research note on Thursday, July 6th. Capital One Financial Corporation lowered Forum Energy Technologies from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. raised their price target on Forum Energy Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. Forum Energy Technologies has a consensus rating of “Hold” and an average price target of $18.56.
Forum Energy Technologies (FET) traded down $0.76 during trading on Friday, reaching $13.94. The company had a trading volume of 1,530,758 shares, compared to its average volume of 801,110. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.21 and a current ratio of 3.74.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). The firm had revenue of $198.70 million during the quarter, compared to analysts’ expectations of $200.96 million. Forum Energy Technologies had a negative return on equity of 3.97% and a negative net margin of 16.85%. The firm’s quarterly revenue was up 43.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.19) EPS. analysts expect that Forum Energy Technologies will post -0.35 earnings per share for the current year.
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Several large investors have recently made changes to their positions in FET. Public Employees Retirement System of Ohio raised its holdings in shares of Forum Energy Technologies by 13.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the oil and gas company’s stock valued at $100,000 after buying an additional 700 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Forum Energy Technologies during the 1st quarter valued at about $107,000. Cutler Group LP raised its holdings in shares of 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 valued at $109,000 after buying an additional 1,300 shares during the period. D.A. Davidson & CO. purchased a new stake in shares of Forum Energy Technologies during the 2nd quarter valued at about $116,000. Finally, Independent Portfolio Consultants Inc. raised its holdings in shares of Forum Energy Technologies by 1,150.8% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 7,505 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 6,905 shares during the period. Institutional investors and hedge funds own 97.19% of the company’s stock.
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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