Forum Energy Technologies (FET) Stock Price Down 5.1%

Forum Energy Technologies, Inc. (NYSE:FET) traded down 5.1% during trading on Wednesday . The stock traded as low as $14.05 and last traded at $14.10. 1,438,293 shares changed hands during mid-day trading, an increase of 45% from the average session volume of 989,167 shares. The stock had previously closed at $14.85.

Several equities research analysts have commented on the stock. Jefferies Group set a $17.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, October 5th. Citigroup upped their price target on shares of Forum Energy Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, October 5th. Deutsche Bank began coverage on shares of Forum Energy Technologies in a research note on Tuesday, October 10th. They set a “hold” rating and a $17.00 target price on the stock. Cowen set a $11.00 target price on shares of Forum Energy Technologies and gave the stock a “hold” rating in a research note on Friday, October 6th. Finally, Scotiabank set a $24.00 target price on shares of Forum Energy Technologies and gave the stock a “hold” rating in a research note on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $17.79.

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). Forum Energy Technologies had a negative net margin of 16.85% and a negative return on equity of 3.97%. The business had revenue of $198.70 million for the quarter, compared to analyst estimates of $200.96 million. During the same period in the prior year, the company posted ($0.19) EPS. The company’s revenue for the quarter was up 43.7% on a year-over-year basis. analysts forecast that Forum Energy Technologies, Inc. will post -0.36 EPS for the current year.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Forum Energy Technologies by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 5,678,046 shares of the oil and gas company’s stock valued at $88,577,000 after buying an additional 208,851 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Forum Energy Technologies by 9.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,433,239 shares of the oil and gas company’s stock valued at $84,758,000 after buying an additional 455,066 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Forum Energy Technologies by 96.4% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 3,541,025 shares of the oil and gas company’s stock valued at $56,302,000 after buying an additional 1,738,375 shares in the last quarter. Aberdeen Asset Management PLC UK lifted its stake in Forum Energy Technologies by 29.8% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 3,180,777 shares of the oil and gas company’s stock valued at $49,620,000 after buying an additional 731,128 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Forum Energy Technologies by 1.7% in the 3rd quarter. Jennison Associates LLC now owns 2,588,049 shares of the oil and gas company’s stock valued at $41,150,000 after buying an additional 42,861 shares in the last quarter. 98.69% of the stock is currently owned by hedge funds and other institutional investors.

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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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