Analysts Set Forum Energy Technologies Inc. (NYSE:FET) PT at $17.53
Forum Energy Technologies Inc. (NYSE:FET) has earned a consensus recommendation of “Hold” from the twenty-three analysts that are presently covering the firm. Two analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $17.53.
A number of analysts have commented on the stock. Barclays PLC raised shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $19.00 to $23.00 in a report on Friday, September 23rd. Citigroup Inc. upped their target price on shares of Forum Energy Technologies from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Monday, September 12th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Forum Energy Technologies in a report on Monday, June 13th. Scotiabank reaffirmed a “sector perform” rating and set a $19.00 target price (up from $16.00) on shares of Forum Energy Technologies in a report on Friday, June 17th. Finally, Howard Weil upped their target price on shares of Forum Energy Technologies from $16.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, June 16th.
A number of institutional investors have recently added to or reduced their stakes in FET. Public Employees Retirement System of Ohio raised its position in Forum Energy Technologies by 13.8% in the second quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the company’s stock valued at $100,000 after buying an additional 700 shares during the period. Teacher Retirement System of Texas raised its position in Forum Energy Technologies by 7.2% in the second quarter. Teacher Retirement System of Texas now owns 8,274 shares of the company’s stock valued at $143,000 after buying an additional 555 shares during the period. Envestnet Asset Management Inc. raised its position in Forum Energy Technologies by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,868 shares of the company’s stock valued at $130,000 after buying an additional 749 shares during the period. Virginia Retirement Systems ET AL acquired a new position in Forum Energy Technologies during the second quarter valued at approximately $175,000. Finally, KCG Holdings Inc. acquired a new position in Forum Energy Technologies during the second quarter valued at approximately $237,000.
Shares of Forum Energy Technologies (NYSE:FET) opened at 19.86 on Wednesday. The stock’s 50 day moving average is $18.02 and its 200-day moving average is $16.31. The company’s market capitalization is $1.80 billion. Forum Energy Technologies has a 12-month low of $8.47 and a 12-month high of $20.29.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Friday, July 29th. The company reported ($0.19) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative net margin of 28.04% and a negative return on equity of 3.20%. The business earned $142.80 million during the quarter, compared to analysts’ expectations of $143.17 million. During the same period in the prior year, the company earned $0.16 earnings per share. The firm’s revenue was down 49.8% on a year-over-year basis. Analysts anticipate that Forum Energy Technologies will post ($0.78) earnings per share for the current year.
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. 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.
Receive News & Ratings for Forum Energy Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.