Forum Energy Technologies Inc. (FET) Shares Down 3.8%
Forum Energy Technologies Inc. (NYSE:FET) fell 3.8% during mid-day trading on Wednesday . The stock traded as low as $16.32 and last traded at $16.49, with a volume of 243,390 shares changing hands. The stock had previously closed at $17.15.
Several research firms recently issued reports on FET. Zacks Investment Research raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, May 4th. Deutsche Bank AG reiterated a “buy” rating on shares of Forum Energy Technologies in a report on Sunday, May 22nd. JPMorgan Chase & Co. downgraded shares of Forum Energy Technologies from a “neutral” rating to an “underweight” rating and set a $10.00 target price on the stock. in a report on Tuesday. Citigroup Inc. lifted their target price on shares of Forum Energy Technologies from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Iberia Capital reiterated a “hold” rating and issued a $14.00 target price on shares of Forum Energy Technologies in a report on Monday, April 4th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. Forum Energy Technologies has an average rating of “Hold” and an average target price of $15.53.
The stock’s market cap is $1.47 billion. The company’s 50-day moving average price is $17.07 and its 200-day moving average price is $13.81.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Friday, April 29th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by $0.02. The business had revenue of $159 million for the quarter, compared to analysts’ expectations of $166.55 million. Equities research analysts predict that Forum Energy Technologies Inc. will post ($0.93) EPS for the current year.
Several hedge funds recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Forum Energy Technologies by 9.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,953,966 shares of the company’s stock worth $24,346,000 after buying an additional 168,878 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in 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 in the last quarter. UBS Oconnor LLC boosted its stake in 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 in the last quarter. Aberdeen Asset Management PLC UK boosted its stake in Forum Energy Technologies by 45.9% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 537,413 shares of the company’s stock worth $6,976,000 after buying an additional 169,100 shares in the last quarter. Finally, Royce & Associates LLC boosted its stake in 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 in 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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