Forum Energy Technologies Inc (NYSE:FET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $22.00 price objective on the oil and gas company’s stock. Zacks Investment Research’s target price would indicate a potential upside of 12.82% from the stock’s previous close.

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. Barclays PLC reiterated a “buy” rating and set a $29.00 price objective on shares of Forum Energy Technologies in a research note on Tuesday, January 10th. Credit Suisse Group AG reiterated a “buy” rating and set a $23.00 price objective on shares of Forum Energy Technologies in a research note on Thursday, March 30th. FBR & Co increased their price objective on shares of Forum Energy Technologies from $14.00 to $18.00 and gave the stock a “mkt perform” rating in a research note on Thursday, February 16th. TheStreet upgraded shares of Forum Energy Technologies from a “d+” rating to a “c” rating in a research note on Thursday, February 9th. Finally, Wolfe Research lowered shares of Forum Energy Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $21.13.

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

Shares of Forum Energy Technologies (NYSE:FET) traded down 2.50% during midday trading on Tuesday, hitting $19.50. The stock had a trading volume of 876,779 shares. Forum Energy Technologies has a one year low of $14.48 and a one year high of $26.25. The firm has a 50 day moving average of $20.27 and a 200-day moving average of $21.15. The company’s market cap is $1.85 billion.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, February 9th. The oil and gas company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.02. The firm had revenue of $147.10 million for the quarter, compared to analyst estimates of $145.95 million. Forum Energy Technologies had a negative net margin of 13.95% and a negative return on equity of 5.71%. On average, analysts forecast that Forum Energy Technologies will post ($0.30) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Fund Advisors boosted its position in Forum Energy Technologies by 6.3% in the third quarter. BlackRock Fund Advisors now owns 1,771,416 shares of the oil and gas company’s stock valued at $35,180,000 after buying an additional 105,033 shares during the period. Aberdeen Asset Management PLC UK boosted its position in Forum Energy Technologies by 41.9% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 2,092,842 shares of the oil and gas company’s stock valued at $46,042,000 after buying an additional 617,502 shares during the period. Stephens Investment Management Group LLC boosted its position in Forum Energy Technologies by 11.4% in the third quarter. Stephens Investment Management Group LLC now owns 1,449,371 shares of the oil and gas company’s stock valued at $28,785,000 after buying an additional 148,835 shares during the period. TPH Asset Management LLC boosted its position in Forum Energy Technologies by 11.9% in the third quarter. TPH Asset Management LLC now owns 731,557 shares of the oil and gas company’s stock valued at $14,529,000 after buying an additional 78,000 shares during the period. Finally, Rhumbline Advisers boosted its position in Forum Energy Technologies by 0.6% in the third quarter. Rhumbline Advisers now owns 73,008 shares of the oil and gas company’s stock valued at $1,450,000 after buying an additional 435 shares during the period. Institutional investors and hedge funds own 95.56% of the company’s stock.

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. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.

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