Shares of Forum Energy Technologies Inc. (NYSE:FET) dropped 2.5% during trading on Friday . The stock traded as low as $16.42 and last traded at $16.44, with a volume of 153,773 shares. The stock had previously closed at $16.86.

FET has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Forum Energy Technologies from $10.50 to $14.50 and gave the stock an “equal weight” rating in a research report on Tuesday, April 19th. Howard Weil boosted their target price on shares of Forum Energy Technologies from $16.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 16th. GMP Securities downgraded shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, April 18th. Credit Suisse Group AG reissued a “hold” rating on shares of Forum Energy Technologies in a research report on Monday, June 13th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $19.00 price objective (up from $16.00) on shares of Forum Energy Technologies in a report on Friday, June 17th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $16.03.

The firm’s market capitalization is $1.50 billion. The stock’s 50-day moving average price is $16.29 and its 200 day moving average price is $14.50.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.07. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The firm had revenue of $142.80 million for the quarter, compared to analyst estimates of $143.17 million. Forum Energy Technologies’s quarterly revenue was down 49.8% on a year-over-year basis. On average, equities analysts forecast that Forum Energy Technologies Inc. will post ($0.78) earnings per share for the current year.

Other institutional investors have recently modified their holdings of the company. Stephens Investment Management Group LLC increased its position in shares of Forum Energy Technologies by 11.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 839,686 shares of the company’s stock worth $10,462,000 after buying an additional 83,050 shares during the last quarter. UBS Oconnor LLC increased its position in shares of Forum Energy Technologies by 117.7% in the fourth quarter. UBS Oconnor LLC now owns 231,000 shares of the company’s stock worth $2,878,000 after buying an additional 124,900 shares during the last quarter. Royce & Associates LLC increased its position in shares of Forum Energy Technologies by 184.6% in the fourth quarter. Royce & Associates LLC now owns 204,919 shares of the company’s stock worth $2,553,000 after buying an additional 132,919 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Forum Energy Technologies by 3.5% in the fourth quarter. Wells Fargo & Company MN now owns 2,128,840 shares of the company’s stock worth $26,525,000 after buying an additional 71,046 shares during the last quarter. Finally, State of Wisconsin Investment Board increased its position in shares of Forum Energy Technologies by 52.3% in the fourth quarter. State of Wisconsin Investment Board now owns 316,945 shares of the company’s stock worth $3,949,000 after buying an additional 108,852 shares during the last quarter.

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. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.

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