Forum Energy Technologies (NYSE:FET) Shares Gap Down to $1.48

Forum Energy Technologies Inc (NYSE:FET)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $1.41, but opened at $1.48. Forum Energy Technologies shares last traded at $1.48, with a volume of 20,147 shares traded.

A number of research analysts have commented on the company. Piper Jaffray Companies decreased their price target on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Citigroup cut their price objective on Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Zacks Investment Research lowered Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, July 26th. Finally, Bank of America reaffirmed a “neutral” rating and set a $3.50 price objective (down previously from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. Forum Energy Technologies currently has an average rating of “Hold” and a consensus target price of $7.89.

The business has a 50-day moving average price of $2.50 and a two-hundred day moving average price of $4.50. The company has a quick ratio of 1.15, a current ratio of 3.25 and a debt-to-equity ratio of 0.52. The firm has a market cap of $179.91 million, a PE ratio of 72.00 and a beta of 2.31.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. The company had revenue of $245.60 million for the quarter, compared to analysts’ expectations of $254.91 million. During the same period in the prior year, the company posted ($0.01) EPS. The firm’s revenue was down 10.4% compared to the same quarter last year. On average, equities research analysts predict that Forum Energy Technologies Inc will post -0.2 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its holdings in Forum Energy Technologies by 25.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 1,833 shares during the last quarter. Quantamental Technologies LLC purchased a new position in Forum Energy Technologies in the second quarter valued at $35,000. Pearl River Capital LLC purchased a new position in Forum Energy Technologies in the first quarter valued at $70,000. Keystone Financial Group purchased a new position in Forum Energy Technologies in the first quarter valued at $77,000. Finally, Commerce Bank increased its holdings in Forum Energy Technologies by 16.9% in the first quarter. Commerce Bank now owns 15,980 shares of the oil and gas company’s stock valued at $82,000 after buying an additional 2,310 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

About Forum Energy Technologies (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 through 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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