Forum Energy Technologies (FET) Shares Down 8.6%

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Shares of Forum Energy Technologies Inc (NYSE:FET) fell 8.6% during mid-day trading on Thursday . The company traded as low as $4.75 and last traded at $4.80. 1,302,539 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 1,094,532 shares. The stock had previously closed at $5.25.

A number of research firms recently issued reports on FET. Zacks Investment Research raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Credit Suisse Group lowered their target price on Forum Energy Technologies from $12.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, October 31st. Barclays set a $12.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research report on Wednesday, October 10th. Citigroup lowered their target price on Forum Energy Technologies from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, October 31st. Finally, Morgan Stanley set a $12.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research report on Tuesday, November 6th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $12.18.

The stock has a market capitalization of $572.03 million, a price-to-earnings ratio of -12.63 and a beta of 2.28. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.47 and a quick ratio of 1.25.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rehmann Capital Advisory Group increased its position in Forum Energy Technologies by 920.2% during the third quarter. Rehmann Capital Advisory Group now owns 10,784 shares of the oil and gas company’s stock worth $1,042,000 after buying an additional 9,727 shares during the last quarter. Jefferies Group LLC acquired a new position in Forum Energy Technologies during the third quarter worth approximately $112,000. CWM Advisors LLC increased its position in Forum Energy Technologies by 102.0% during the fourth quarter. CWM Advisors LLC now owns 20,257 shares of the oil and gas company’s stock worth $84,000 after buying an additional 10,228 shares during the last quarter. Quantbot Technologies LP acquired a new position in Forum Energy Technologies during the third quarter worth approximately $241,000. Finally, SG Americas Securities LLC acquired a new position in Forum Energy Technologies during the third quarter worth approximately $280,000. 93.07% of the stock is currently owned by hedge funds and other institutional investors.

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Forum Energy Technologies Company Profile (NYSE:FET)

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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