Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The brokerage presently has a $5.75 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.28% from the company’s current price.

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 equities analysts have also issued reports on the company. Citigroup upgraded Forum Energy Technologies from a “neutral” rating to a “buy” rating in a research report on Thursday, March 14th. Capital One Financial lowered Forum Energy Technologies from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 16th. B. Riley reiterated a “neutral” rating on shares of Forum Energy Technologies in a research report on Tuesday, February 19th. Gabelli reiterated a “buy” rating on shares of Forum Energy Technologies in a research report on Monday, February 11th. Finally, Barclays decreased their price objective on Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $9.63.

Forum Energy Technologies stock opened at $5.41 on Tuesday. The stock has a market cap of $569.34 million, a PE ratio of 270.50 and a beta of 2.39. Forum Energy Technologies has a 1 year low of $3.51 and a 1 year high of $16.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 1.16.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, April 25th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. The company had revenue of $271.80 million during the quarter, compared to analyst estimates of $264.48 million. Forum Energy Technologies had a positive return on equity of 0.40% and a negative net margin of 37.76%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) EPS. Equities analysts forecast that Forum Energy Technologies will post -0.07 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. SEI Investments Co grew its position in shares of Forum Energy Technologies by 136.6% in the 1st quarter. SEI Investments Co now owns 8,305 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 4,795 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Forum Energy Technologies by 25.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 1,833 shares during the period. Citigroup Inc. grew its position in shares of Forum Energy Technologies by 588.6% in the 4th quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 10,412 shares during the period. Pearl River Capital LLC acquired a new position in shares of Forum Energy Technologies in the 1st quarter valued at approximately $70,000. Finally, Keystone Financial Group acquired a new position in shares of Forum Energy Technologies in the 1st quarter valued at approximately $77,000. Institutional investors and hedge funds own 90.15% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.

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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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