Forum Energy Technologies (FET) Upgraded to Hold at Zacks Investment Research

Forum Energy Technologies (NYSE:FET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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. Piper Jaffray Companies upgraded Forum Energy Technologies from a “neutral” rating to an “overweight” rating and set a $13.00 target price on the stock in a research note on Tuesday, October 2nd. ValuEngine lowered Forum Energy Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. Credit Suisse Group boosted their price objective on Forum Energy Technologies from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, August 1st. Citigroup decreased their price objective on Forum Energy Technologies from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday, September 14th. Finally, Morgan Stanley began coverage on Forum Energy Technologies in a research note on Tuesday, September 18th. They set an “equal weight” rating and a $13.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Forum Energy Technologies currently has an average rating of “Hold” and an average target price of $12.81.

Shares of FET opened at $8.96 on Tuesday. The firm has a market capitalization of $937.02 million, a price-to-earnings ratio of -23.58 and a beta of 2.01. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 3.34. Forum Energy Technologies has a 1 year low of $7.91 and a 1 year high of $17.95.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Monday, October 29th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The firm had revenue of $267.00 million for the quarter, compared to analyst estimates of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The business’s revenue was up 34.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.10) earnings per share. Research analysts anticipate that Forum Energy Technologies will post -0.04 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in FET. Massachusetts Financial Services Co. MA raised its stake in shares of Forum Energy Technologies by 20.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,129,376 shares of the oil and gas company’s stock valued at $32,389,000 after purchasing an additional 529,804 shares during the period. FMR LLC raised its stake in shares of Forum Energy Technologies by 117.4% during the 2nd quarter. FMR LLC now owns 684,300 shares of the oil and gas company’s stock valued at $8,451,000 after purchasing an additional 369,500 shares during the period. Schroder Investment Management Group purchased a new position in Forum Energy Technologies during the second quarter worth about $4,391,000. Granite Investment Partners LLC grew its position in Forum Energy Technologies by 32.1% during the second quarter. Granite Investment Partners LLC now owns 1,201,005 shares of the oil and gas company’s stock worth $14,832,000 after buying an additional 291,980 shares in the last quarter. Finally, Eagle Asset Management Inc. grew its position in Forum Energy Technologies by 156.0% during the second quarter. Eagle Asset Management Inc. now owns 431,455 shares of the oil and gas company’s stock worth $5,328,000 after buying an additional 262,899 shares in the last quarter. Institutional investors own 93.38% of the company’s stock.

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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