Forum Energy Technologies, Inc. (NYSE:FET) Stock Rating Lowered by Zacks Investment Research

Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday, July 17th.

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 research reports. Credit Suisse Group reissued a “buy” rating and issued a $23.00 target price on shares of Forum Energy Technologies in a report on Thursday, March 30th. Wolfe Research lowered Forum Energy Technologies from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $24.00 to $21.00 in a report on Monday, April 17th. Deutsche Bank AG reaffirmed a “buy” rating and set a $25.00 price objective (down previously from $26.00) on shares of Forum Energy Technologies in a report on Tuesday, May 30th. BidaskClub lowered Forum Energy Technologies from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Finally, Societe Generale assumed coverage on Forum Energy Technologies in a report on Wednesday, June 7th. They set a “buy” rating and a $20.00 price objective on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. Forum Energy Technologies currently has an average rating of “Hold” and a consensus target price of $20.50.

Shares of Forum Energy Technologies (FET) opened at 12.00 on Monday. The firm’s 50-day moving average price is $14.47 and its 200-day moving average price is $17.91. Forum Energy Technologies has a 12 month low of $11.90 and a 12 month high of $26.25. The firm’s market cap is $1.15 billion.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. The firm had revenue of $201.10 million for the quarter, compared to analyst estimates of $194.16 million. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. Analysts expect that Forum Energy Technologies will post ($0.31) earnings per share for the current year.

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Large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. purchased a new stake in shares of Forum Energy Technologies during the first quarter worth approximately $107,000. Cutler Group LP increased its stake in shares of Forum Energy Technologies by 22.8% in the second quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock worth $109,000 after buying an additional 1,300 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in shares of Forum Energy Technologies during the second quarter worth approximately $116,000. Independent Portfolio Consultants Inc. increased its stake in shares of Forum Energy Technologies by 1,150.8% in the second quarter. Independent Portfolio Consultants Inc. now owns 7,505 shares of the oil and gas company’s stock worth $117,000 after buying an additional 6,905 shares during the last quarter. Finally, Simplex Trading LLC purchased a new stake in shares of Forum Energy Technologies during the first quarter worth approximately $158,000.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.

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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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