Forum Energy Technologies, Inc. (FET) Trading Up 5.7%
Forum Energy Technologies, Inc. (NYSE:FET) was up 5.7% during mid-day trading on Wednesday . The stock traded as high as $14.40 and last traded at $14.00. Approximately 1,609,854 shares traded hands during trading, an increase of 65% from the average daily volume of 972,980 shares. The stock had previously closed at $13.25.
Several equities research analysts have issued reports on FET shares. TheStreet cut shares of Forum Energy Technologies from a “c-” rating to a “d+” rating in a research note on Thursday, May 25th. Deutsche Bank AG reaffirmed a “buy” rating and set a $25.00 target price (down previously from $26.00) on shares of Forum Energy Technologies in a research note on Tuesday, May 30th. BidaskClub cut shares of Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Credit Suisse Group lowered Forum Energy Technologies from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $23.00 to $12.00 in a report on Thursday, August 24th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $19.00 price target (down previously from $25.00) on shares of Forum Energy Technologies in a report on Wednesday, June 21st. 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 presently has a consensus rating of “Hold” and an average price target of $19.81.
The stock’s 50 day moving average is $12.14 and its 200 day moving average is $16.24. The company’s market cap is $1.35 billion.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $201.10 million for the quarter, compared to analyst estimates of $194.16 million. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. Equities research analysts predict that Forum Energy Technologies, Inc. will post ($0.30) earnings per share for the current year.
A number of large investors have recently modified their holdings of FET. Teachers Advisors LLC boosted its stake in Forum Energy Technologies by 1.9% in the 4th quarter. Teachers Advisors LLC now owns 98,747 shares of the oil and gas company’s stock worth $2,172,000 after buying an additional 1,800 shares during the last quarter. Bank of New York Mellon Corp boosted its stake 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 buying an additional 8,248 shares during the last quarter. Swiss National Bank boosted its stake 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 buying 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 about $2,546,000. Finally, Eagle Asset Management Inc. boosted its stake in Forum Energy Technologies by 9.3% in the 1st quarter. Eagle Asset Management Inc. now owns 804,292 shares of the oil and gas company’s stock worth $16,648,000 after buying an additional 68,353 shares during the last quarter.
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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. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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