Several other brokerages have also recently weighed in on FET. Barclays PLC raised Forum Energy Technologies from an equal weight rating to an overweight rating and boosted their price objective for the stock from $19.00 to $23.00 in a report on Friday, September 23rd. Citigroup Inc. boosted their price objective on Forum Energy Technologies from $18.00 to $19.00 and gave the stock a neutral rating in a report on Monday, September 12th. Credit Suisse Group AG reissued a hold rating on shares of Forum Energy Technologies in a report on Monday, June 13th. Scotiabank reissued 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. Finally, Howard Weil upped their price target on Forum Energy Technologies from $16.00 to $19.00 and gave the company a sector perform rating in a research note on Thursday, June 16th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $17.75.
Shares of Forum Energy Technologies (NYSE:FET) opened at 21.25 on Wednesday. Forum Energy Technologies has a 12-month low of $8.47 and a 12-month high of $21.70. The company’s 50 day moving average is $18.48 and its 200 day moving average is $16.58. The firm’s market capitalization is $1.93 billion.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. The firm earned $142.80 million during the quarter, compared to analysts’ expectations of $143.17 million. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The company’s quarterly revenue was down 49.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 EPS. On average, analysts forecast that Forum Energy Technologies will post ($0.78) earnings per share for the current year.
A number of large investors have recently bought and sold shares of FET. Dimensional Fund Advisors LP boosted its stake in Forum Energy Technologies by 42.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,697,698 shares of the company’s stock worth $64,004,000 after buying an additional 1,095,172 shares during the period. TimesSquare Capital Management LLC boosted its stake in Forum Energy Technologies by 30.2% in the first quarter. TimesSquare Capital Management LLC now owns 2,580,500 shares of the company’s stock worth $34,063,000 after buying an additional 598,800 shares during the period. TPH Asset Management LLC acquired a new stake in Forum Energy Technologies during the first quarter worth $7,220,000. Champlain Investment Partners LLC boosted its stake in Forum Energy Technologies by 23.4% in the first quarter. Champlain Investment Partners LLC now owns 2,686,550 shares of the company’s stock worth $35,462,000 after buying an additional 510,275 shares during the period. Finally, Eagle Asset Management Inc. boosted its stake in Forum Energy Technologies by 712.9% in the second quarter. Eagle Asset Management Inc. now owns 566,348 shares of the company’s stock worth $9,803,000 after buying an additional 496,675 shares during the period.
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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