Forum Energy Technologies Inc. (NYSE:FET) had its target price increased by Citigroup Inc. from $19.00 to $23.00 in a research note released on Tuesday morning. They currently have a neutral rating on the stock.
Several other research analysts also recently issued reports on FET. Credit Suisse Group AG reaffirmed a hold rating on shares of Forum Energy Technologies in a research note on Monday, June 13th. Howard Weil upped their price objective on Forum Energy Technologies from $16.00 to $19.00 and gave the company a sector perform rating in a research note on Thursday, June 16th. Scotiabank reaffirmed a sector perform rating and issued a $19.00 price objective (up previously from $16.00) on shares of Forum Energy Technologies in a research note on Friday, June 17th. Simmons reissued a neutral rating and set a $18.00 target price (up previously from $15.25) on shares of Forum Energy Technologies in a research report on Thursday, July 7th. Finally, Jefferies Group decreased their target price on shares of Forum Energy Technologies from $19.00 to $18.00 and set a hold rating for the company in a research report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $17.95.
Forum Energy Technologies (NYSE:FET) opened at 21.65 on Tuesday. The firm has a 50-day moving average of $18.92 and a 200-day moving average of $16.81. Forum Energy Technologies has a 52 week low of $8.47 and a 52 week high of $22.85. The company’s market cap is $1.96 billion.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The company earned $142.80 million during the quarter, compared to the consensus estimate of $143.17 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The firm’s revenue was down 49.8% compared to the same quarter last year. Equities analysts forecast that Forum Energy Technologies will post ($0.78) earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its stake in shares of Forum Energy Technologies by 13.8% in the second quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the company’s stock valued at $100,000 after buying an additional 700 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Forum Energy Technologies by 7.2% in the second quarter. Teacher Retirement System of Texas now owns 8,274 shares of the company’s stock valued at $143,000 after buying an additional 555 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Forum Energy Technologies by 55.6% in the third quarter. BNP Paribas Arbitrage SA now owns 7,519 shares of the company’s stock valued at $149,000 after buying an additional 2,688 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of Forum Energy Technologies during the second quarter valued at about $175,000. Finally, KCG Holdings Inc. acquired a new stake in shares of Forum Energy Technologies during the second quarter valued at about $237,000.
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.
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