Zacks Investment Research upgraded shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a buy rating in a report issued on Tuesday morning, Zacks.com reports. They currently have $2.00 price objective on the oil and gas company’s stock.
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. “
A number of other research analysts also recently issued reports on FET. Citigroup downgraded Forum Energy Technologies from a buy rating to a neutral rating in a research note on Monday, September 30th. Barclays reiterated a hold rating and set a $1.75 price objective on shares of Forum Energy Technologies in a research note on Friday, December 13th. ValuEngine upgraded Forum Energy Technologies from a hold rating to a buy rating in a research note on Friday, January 3rd. Finally, Morgan Stanley cut their price objective on Forum Energy Technologies from $3.50 to $3.00 and set an equal weight rating for the company in a research note on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $2.66.
Shares of Forum Energy Technologies stock traded down $0.05 during trading hours on Tuesday, reaching $1.45. 717,596 shares of the stock traded hands, compared to its average volume of 778,175. The company has a 50 day moving average price of $1.61 and a 200 day moving average price of $1.72. The firm has a market capitalization of $180.06 million, a price-to-earnings ratio of 72.50 and a beta of 2.58. Forum Energy Technologies has a one year low of $0.88 and a one year high of $7.00. The company has a quick ratio of 1.11, a current ratio of 3.09 and a debt-to-equity ratio of 0.93.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.07. The company had revenue of $239.30 million during the quarter, compared to the consensus estimate of $245.31 million. Forum Energy Technologies had a negative return on equity of 0.34% and a negative net margin of 91.13%. Sell-side analysts anticipate that Forum Energy Technologies will post -0.19 earnings per share for the current year.
In other Forum Energy Technologies news, CEO C Christopher Gaut purchased 312,500 shares of the company’s stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $1.28 per share, for a total transaction of $400,000.00. Following the purchase, the chief executive officer now directly owns 2,127,833 shares of the company’s stock, valued at approximately $2,723,626.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew L. Waite purchased 585,938 shares of the company’s stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $1.28 per share, with a total value of $750,000.64. Following the completion of the purchase, the director now directly owns 656,150 shares in the company, valued at $839,872. The disclosure for this purchase can be found here. Insiders acquired a total of 908,438 shares of company stock valued at $1,160,201 over the last 90 days. 28.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC boosted its stake in Forum Energy Technologies by 9,463.3% in the 3rd quarter. Millennium Management LLC now owns 5,791,415 shares of the oil and gas company’s stock worth $8,976,000 after purchasing an additional 5,730,856 shares during the period. BlackRock Inc. boosted its stake in Forum Energy Technologies by 2.4% in the 2nd quarter. BlackRock Inc. now owns 5,781,558 shares of the oil and gas company’s stock worth $19,773,000 after purchasing an additional 137,360 shares during the period. FMR LLC boosted its stake in Forum Energy Technologies by 81.7% in the 1st quarter. FMR LLC now owns 3,014,397 shares of the oil and gas company’s stock worth $15,404,000 after purchasing an additional 1,355,397 shares during the period. Citadel Advisors LLC boosted its stake in Forum Energy Technologies by 51.2% in the 2nd quarter. Citadel Advisors LLC now owns 2,993,929 shares of the oil and gas company’s stock worth $10,239,000 after purchasing an additional 1,014,101 shares during the period. Finally, Hillman Co. boosted its stake in Forum Energy Technologies by 21.0% in the 3rd quarter. Hillman Co. now owns 2,857,472 shares of the oil and gas company’s stock worth $4,429,000 after purchasing an additional 496,177 shares during the period. Institutional investors and hedge funds own 80.88% of the company’s stock.
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 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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