Forum Energy Technologies Inc (NYSE:FET) shot up 1.4% on Tuesday . The company traded as high as $5.21 and last traded at $5.25. 59,724 shares changed hands during trading, a decline of 96% from the average session volume of 1,501,325 shares. The stock had previously closed at $5.18.
A number of brokerages have recently weighed in on FET. Barclays set a $12.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a research note on Wednesday, October 10th. Johnson Rice lowered Forum Energy Technologies from a “buy” rating to an “accumulate” rating and set a $15.00 price target on the stock. in a research note on Monday, September 17th. Citigroup dropped their price target 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. Morgan Stanley assumed coverage on Forum Energy Technologies in a research report on Tuesday, September 18th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Zacks Investment Research upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, October 4th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. Forum Energy Technologies presently has a consensus rating of “Hold” and a consensus target price of $12.18.
The stock has a market cap of $527.28 million, a P/E ratio of -14.34 and a beta of 2.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.47 and a quick ratio of 1.25.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Monday, October 29th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.01. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The company had revenue of $267.00 million during the quarter, compared to the consensus estimate of $283.19 million. During the same period in the previous year, the company posted ($0.10) earnings per share. Forum Energy Technologies’s revenue for the quarter was up 34.4% on a year-over-year basis. As a group, analysts expect that Forum Energy Technologies Inc will post -0.08 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the business. Rehmann Capital Advisory Group lifted its holdings in Forum Energy Technologies by 920.2% in the third quarter. Rehmann Capital Advisory Group now owns 10,784 shares of the oil and gas company’s stock valued at $1,042,000 after acquiring an additional 9,727 shares during the period. Jefferies Group LLC acquired a new position in Forum Energy Technologies in the third quarter valued at approximately $112,000. Quantbot Technologies LP acquired a new position in Forum Energy Technologies in the third quarter valued at approximately $241,000. Dynamic Technology Lab Private Ltd acquired a new position in Forum Energy Technologies in the second quarter valued at approximately $323,000. Finally, SG Americas Securities LLC acquired a new position in Forum Energy Technologies in the third quarter valued at approximately $280,000. 92.79% of the stock is owned by institutional investors.
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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 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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