Forum Energy Technologies (FET) Given New $11.00 Price Target at JPMorgan Chase & Co.

Forum Energy Technologies (NYSE:FET) had its price objective dropped by JPMorgan Chase & Co. from $13.00 to $11.00 in a research note issued to investors on Monday. The firm currently has a “neutral” rating on the oil and gas company’s stock. JPMorgan Chase & Co.’s target price points to a potential downside of 3.93% from the stock’s previous close.

Several other research firms also recently issued reports on FET. Zacks Investment Research downgraded Forum Energy Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Cowen set a $13.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, January 11th. Jefferies Group set a $17.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, January 4th. Barclays reissued a “hold” rating and issued a $17.00 price target on shares of Forum Energy Technologies in a research note on Sunday, November 5th. Finally, Capital One Financial raised Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. Forum Energy Technologies has a consensus rating of “Hold” and a consensus price target of $16.87.

Shares of Forum Energy Technologies (NYSE:FET) traded down $0.30 during trading on Monday, reaching $11.45. The company had a trading volume of 4,234,723 shares, compared to its average volume of 1,236,115. The firm has a market cap of $1,270.00, a P/E ratio of -17.35 and a beta of 1.70. Forum Energy Technologies has a twelve month low of $10.05 and a twelve month high of $23.00. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.74 and a quick ratio of 1.76.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.01). Forum Energy Technologies had a negative net margin of 6.99% and a negative return on equity of 3.11%. The firm had revenue of $247.70 million during the quarter, compared to analyst estimates of $249.85 million. During the same period in the prior year, the business earned ($0.16) EPS. The business’s revenue for the quarter was up 68.4% compared to the same quarter last year. equities research analysts predict that Forum Energy Technologies will post 0.15 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors increased its position in shares of Forum Energy Technologies by 1.7% in the second quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock valued at $1,040,000 after acquiring an additional 1,083 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Forum Energy Technologies by 69.7% in the second quarter. Goldman Sachs Group Inc. now owns 186,810 shares of the oil and gas company’s stock valued at $2,915,000 after acquiring an additional 76,721 shares during the last quarter. State Street Corp increased its position in shares of Forum Energy Technologies by 10.8% in the second quarter. State Street Corp now owns 1,770,754 shares of the oil and gas company’s stock valued at $27,626,000 after acquiring an additional 172,953 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Forum Energy Technologies by 15.8% in the second quarter. TIAA CREF Investment Management LLC now owns 185,211 shares of the oil and gas company’s stock valued at $2,889,000 after acquiring an additional 25,267 shares during the last quarter. Finally, Contrarius Investment Management Ltd acquired a new stake in shares of Forum Energy Technologies in the third quarter valued at about $3,883,000. 95.12% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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