Morgan Stanley started coverage on shares of Forum Energy Technologies (NYSE:FET) in a research report sent to investors on Tuesday, September 18th, MarketBeat reports. The brokerage issued an equal weight rating and a $13.00 price target on the oil and gas company’s stock.
Other analysts have also issued research reports about the stock. Johnson Rice lowered shares of Forum Energy Technologies from a buy rating to an accumulate rating and set a $15.00 target price on the stock. in a research report on Monday, September 17th. Zacks Investment Research upgraded shares of Forum Energy Technologies from a hold rating to a buy rating and set a $13.00 price target on the stock in a report on Tuesday, July 24th. ValuEngine upgraded shares of Forum Energy Technologies from a sell rating to a hold rating in a report on Friday, August 17th. JPMorgan Chase & Co. lifted their price target on shares of Forum Energy Technologies from $12.00 to $13.00 and gave the company a neutral rating in a report on Monday, September 17th. Finally, Credit Suisse Group lifted their price target on shares of Forum Energy Technologies from $12.00 to $13.00 and gave the company a neutral rating in a report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, ten have given 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 price target of $13.27.
Shares of FET traded up $0.29 during mid-day trading on Tuesday, reaching $9.80. 1,219,463 shares of the company’s stock were exchanged, compared to its average volume of 1,051,535. 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 52-week low of $9.40 and a 52-week high of $17.95. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -25.79 and a beta of 2.02.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Monday, July 30th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Forum Energy Technologies had a net margin of 5.08% and a negative return on equity of 1.72%. The firm had revenue of $274.00 million for the quarter, compared to analyst estimates of $268.50 million. During the same quarter last year, the business earned ($0.10) earnings per share. Forum Energy Technologies’s revenue was up 36.3% compared to the same quarter last year. On average, equities analysts expect that Forum Energy Technologies will post -0.02 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in FET. Millennium Management LLC purchased a new stake in Forum Energy Technologies during the 1st quarter worth $27,219,000. Neuberger Berman Group LLC purchased a new stake in Forum Energy Technologies during the 1st quarter worth $11,659,000. Stifel Financial Corp purchased a new stake in Forum Energy Technologies during the 1st quarter worth $7,660,000. Precocity Capital LP purchased a new stake in Forum Energy Technologies during the 1st quarter worth $6,600,000. Finally, Dimensional Fund Advisors LP increased its stake in Forum Energy Technologies by 9.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,583,131 shares of the oil and gas company’s stock worth $61,414,000 after buying an additional 495,639 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.
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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