Forum Energy Technologies Inc. (NYSE:FET) had its price objective lifted by equities researchers at Citigroup Inc. from $19.00 to $23.00 in a research note issued to investors on Tuesday. The brokerage presently has a “neutral” rating on the stock. Citigroup Inc.’s price target points to a potential upside of 2.91% from the company’s previous close.

Other analysts have also recently issued reports about the company. Credit Suisse Group AG set a $19.00 price target on Forum Energy Technologies and gave the company a “buy” rating in a report on Monday, August 1st. DA Davidson initiated coverage on Forum Energy Technologies in a report on Wednesday, October 5th. They issued a “buy” rating and a $25.00 price target for the company. Capital One Financial Corp. reissued an “equal weight” rating on shares of Forum Energy Technologies in a report on Friday, July 29th. Morgan Stanley set a $23.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a report on Tuesday, September 20th. Finally, Gabelli assumed coverage on Forum Energy Technologies in a report on Thursday, September 15th. They issued a “hold” rating and a $21.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. Forum Energy Technologies currently has an average rating of “Hold” and a consensus target price of $17.95.

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

Shares of Forum Energy Technologies (NYSE:FET) traded down 2.573% during mid-day trading on Tuesday, reaching $21.775. The company’s stock had a trading volume of 406,985 shares. The company’s 50-day moving average is $18.60 and its 200 day moving average is $16.70. Forum Energy Technologies has a 1-year low of $8.47 and a 1-year high of $22.85. The firm’s market capitalization is $1.98 billion.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Friday, July 29th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.07. The business earned $142.80 million during the quarter, compared to analysts’ expectations of $143.17 million. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The company’s quarterly revenue was down 49.8% compared to the same quarter last year. During the same period last year, the firm earned $0.16 EPS. On average, analysts expect that Forum Energy Technologies will post ($0.78) earnings per share for the current year.

Large investors have recently bought and sold shares of the stock. GWM Advisors LLC purchased a new stake in Forum Energy Technologies during the second quarter worth about $5,611,000. Barclays PLC boosted its position in shares of Forum Energy Technologies by 73.8% in the first quarter. Barclays PLC now owns 24,281 shares of the company’s stock worth $316,000 after buying an additional 10,312 shares in the last quarter. Springbok Capital Management LLC boosted its position in shares of Forum Energy Technologies by 2,243.6% in the first quarter. Springbok Capital Management LLC now owns 140,614 shares of the company’s stock worth $1,856,000 after buying an additional 134,614 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its position in shares of Forum Energy Technologies by 10.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 2,161,036 shares of the company’s stock worth $28,525,000 after buying an additional 210,384 shares in the last quarter. Finally, TPH Asset Management LLC bought a new position in shares of Forum Energy Technologies during the first quarter worth approximately $7,220,000.

About Forum Energy Technologies

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. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.

5 Day Chart for NYSE:FET

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