Shares of Forum Energy Technologies Inc (NYSE:FET) have been assigned an average recommendation of “Hold” from the fifteen brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $9.33.
A number of equities analysts have weighed in on FET shares. Zacks Investment Research raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research note on Wednesday, March 6th. Citigroup upgraded shares of Forum Energy Technologies from a “neutral” rating to a “buy” rating in a report on Thursday, March 14th. Barclays reduced their price target on shares of Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Tuesday, April 9th. Finally, Piper Jaffray Companies set a $7.00 price target on shares of Forum Energy Technologies and gave the company a “buy” rating in a report on Tuesday, April 9th.
Several institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its position in Forum Energy Technologies by 25.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 1,833 shares during the period. Citigroup Inc. increased its position in Forum Energy Technologies by 588.6% during the fourth quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock worth $50,000 after acquiring an additional 10,412 shares during the period. Pearl River Capital LLC bought a new position in Forum Energy Technologies during the first quarter worth about $70,000. Keystone Financial Group bought a new position in Forum Energy Technologies during the first quarter worth about $77,000. Finally, Commerce Bank increased its position in Forum Energy Technologies by 16.9% during the first quarter. Commerce Bank now owns 15,980 shares of the oil and gas company’s stock worth $82,000 after acquiring an additional 2,310 shares during the period. Institutional investors own 89.73% of the company’s stock.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, April 25th. The oil and gas company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.03. Forum Energy Technologies had a negative net margin of 37.76% and a positive return on equity of 0.40%. The company had revenue of $271.80 million during the quarter, compared to the consensus estimate of $264.48 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that Forum Energy Technologies will post -0.06 earnings per share for the current year.
Forum Energy Technologies Company Profile
Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.
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