Cowen and Company Lowers Forum Energy Technologies Inc. (FET) to Market Perform
Cowen and Company lowered shares of Forum Energy Technologies Inc. (NYSE:FET) from an outperform rating to a market perform rating in a report released on Friday. The firm currently has $18.00 price target on the stock.
Several other research analysts have also recently issued reports on FET. Citigroup Inc. raised their target price on Forum Energy Technologies from $16.00 to $18.00 and gave the stock a neutral rating in a research report on Friday, September 2nd. 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 research report on Friday, June 17th. Gabelli initiated coverage on Forum Energy Technologies in a research report on Thursday, September 15th. They set a hold rating and a $21.00 price objective on the stock. Barclays PLC raised Forum Energy Technologies from an equal weight rating to an overweight rating and lifted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 23rd. Finally, Capital One Financial Corp. reaffirmed an equal weight rating on shares of Forum Energy Technologies in a research report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $17.95.
Forum Energy Technologies (NYSE:FET) opened at 21.10 on Friday. The company has a 50 day moving average of $19.19 and a 200 day moving average of $17.04. Forum Energy Technologies has a 52-week low of $8.47 and a 52-week high of $22.85. The company’s market capitalization is $1.91 billion.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The company earned $142.80 million during the quarter, compared to the consensus estimate of $143.17 million. During the same period last year, the company earned $0.16 EPS. Forum Energy Technologies’s revenue for the quarter was down 49.8% on a year-over-year basis. On average, equities research analysts forecast that Forum Energy Technologies will post ($0.78) earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its position in shares of 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 worth $100,000 after buying an additional 700 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Forum Energy Technologies by 55.6% in the third quarter. BNP Paribas Arbitrage SA now owns 7,519 shares of the company’s stock worth $149,000 after buying an additional 2,688 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of 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 worth $143,000 after buying an additional 555 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new position in shares of Forum Energy Technologies during the second quarter worth $175,000. Finally, KCG Holdings Inc. acquired a new position in shares of Forum Energy Technologies during the second quarter worth $237,000.
About Forum Energy Technologies
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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