Zacks Investment Research upgraded shares of Forum Energy Technologies (NYSE:FET) from a sell rating to a hold rating in a report published on Tuesday.
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. “
FET has been the topic of several other reports. Jefferies Group set a $17.00 price target on Forum Energy Technologies and gave the stock a hold rating in a research report on Thursday, January 4th. Piper Jaffray Companies set a $13.00 price target on Forum Energy Technologies and gave the stock a hold rating in a research report on Monday, February 12th. TheStreet raised shares of Forum Energy Technologies from a d+ rating to a c- rating in a research note on Friday, February 9th. Deutsche Bank lowered their target price on shares of Forum Energy Technologies from $17.00 to $16.00 and set a hold rating on the stock in a research note on Monday, February 12th. Finally, Capital One Financial raised shares of Forum Energy Technologies from an equal weight rating to an overweight rating in a research note on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $15.79.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.01). The company had revenue of $247.70 million for the quarter, compared to analyst estimates of $249.85 million. Forum Energy Technologies had a negative return on equity of 2.98% and a negative net margin of 6.99%. Forum Energy Technologies’s revenue for the quarter was up 68.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.16) earnings per share. analysts anticipate that Forum Energy Technologies will post 0.02 earnings per share for the current year.
In related news, CEO Prady Iyyanki purchased 90,000 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The shares were purchased at an average cost of $10.63 per share, with a total value of $956,700.00. Following the purchase, the chief executive officer now owns 443,417 shares of the company’s stock, valued at approximately $4,713,522.71. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 32.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in Forum Energy Technologies by 9.9% in the 4th quarter. BlackRock Inc. now owns 5,334,366 shares of the oil and gas company’s stock valued at $82,950,000 after buying an additional 480,874 shares in the last quarter. Standard Life Aberdeen plc lifted its stake in Forum Energy Technologies by 15.9% in the 4th quarter. Standard Life Aberdeen plc now owns 4,754,589 shares of the oil and gas company’s stock valued at $74,053,000 after buying an additional 652,914 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Forum Energy Technologies by 33.1% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 4,714,850 shares of the oil and gas company’s stock valued at $73,315,000 after buying an additional 1,173,825 shares in the last quarter. Sapience Investments LLC lifted its stake in Forum Energy Technologies by 3.1% in the 4th quarter. Sapience Investments LLC now owns 1,378,120 shares of the oil and gas company’s stock valued at $21,430,000 after buying an additional 40,940 shares in the last quarter. Finally, Mesirow Financial Investment Management Equity Management lifted its stake in Forum Energy Technologies by 6.8% in the 4th quarter. Mesirow Financial Investment Management Equity Management now owns 1,222,493 shares of the oil and gas company’s stock valued at $19,009,000 after buying an additional 78,183 shares in the last quarter. 94.25% of the stock is currently owned by hedge funds and other institutional investors.
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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 in 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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