JPMorgan Chase & Co. Raises Forum Energy Technologies (FET) Price Target to $13.00

Forum Energy Technologies (NYSE:FET) had its price objective boosted by JPMorgan Chase & Co. from $12.00 to $13.00 in a research note released on Monday. JPMorgan Chase & Co. currently has a neutral rating on the oil and gas company’s stock.

Other equities analysts have also issued research reports about the company. Johnson Rice lowered Forum Energy Technologies from a buy rating to an accumulate rating and set a $15.00 price target for the company. in a research report on Monday. ValuEngine upgraded Forum Energy Technologies from a strong sell rating to a sell rating in a research report on Monday, July 30th. Credit Suisse Group raised their price objective on Forum Energy Technologies from $12.00 to $13.00 and gave the stock a neutral rating in a research report on Wednesday, August 1st. Zacks Investment Research upgraded Forum Energy Technologies from a hold rating to a buy rating and set a $14.00 price objective for the company in a research report on Thursday, August 2nd. Finally, Citigroup decreased their price objective on Forum Energy Technologies from $14.00 to $13.00 and set a neutral rating for the company in a research report on Friday, September 14th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $14.38.

NYSE:FET opened at $11.20 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.34 and a quick ratio of 1.22. Forum Energy Technologies has a 1-year low of $9.95 and a 1-year high of $17.95. The firm has a market capitalization of $1.22 billion, a P/E ratio of -29.87 and a beta of 2.00.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Monday, July 30th. The oil and gas company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Forum Energy Technologies had a negative return on equity of 1.72% and a net margin of 5.08%. The business had revenue of $274.00 million during the quarter, compared to analyst estimates of $268.50 million. During the same quarter last year, the company posted ($0.10) EPS. Forum Energy Technologies’s revenue for the quarter was up 36.3% on a year-over-year basis. research analysts expect that Forum Energy Technologies will post -0.02 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp raised its stake in shares of Forum Energy Technologies by 4.1% during the 2nd quarter. Northern Trust Corp now owns 1,502,414 shares of the oil and gas company’s stock worth $18,556,000 after purchasing an additional 58,539 shares in the last quarter. Moody Aldrich Partners LLC raised its stake in shares of Forum Energy Technologies by 69.5% during the 2nd quarter. Moody Aldrich Partners LLC now owns 129,255 shares of the oil and gas company’s stock worth $1,596,000 after purchasing an additional 53,016 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Forum Energy Technologies by 4.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 623,253 shares of the oil and gas company’s stock worth $7,699,000 after purchasing an additional 28,699 shares in the last quarter. Schroder Investment Management Group purchased a new stake in shares of Forum Energy Technologies during the 2nd quarter worth about $4,391,000. Finally, Energy Opportunities Capital Management LLC raised its stake in shares of Forum Energy Technologies by 93.1% during the 2nd quarter. Energy Opportunities Capital Management LLC now owns 393,383 shares of the oil and gas company’s stock worth $4,858,000 after purchasing an additional 189,715 shares in the last quarter. 94.46% of the stock is owned by institutional investors.

About Forum Energy Technologies

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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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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