Forum Energy Technologies (NYSE:FET) Stock Rating Reaffirmed by Capital One Financial

Forum Energy Technologies (NYSE:FET)‘s stock had its “equal weight” rating reiterated by Capital One Financial in a research report issued on Thursday, Zacks.com reports.

A number of other equities research analysts have also issued reports on FET. Zacks Investment Research lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. Finally, Barclays reaffirmed a “hold” rating and issued a $1.75 price target on shares of Forum Energy Technologies in a research report on Friday, December 13th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Forum Energy Technologies presently has a consensus rating of “Hold” and a consensus price target of $2.56.

FET opened at $1.02 on Thursday. The stock’s 50-day moving average price is $1.40 and its 200 day moving average price is $1.48. Forum Energy Technologies has a 12-month low of $0.88 and a 12-month high of $6.78. The company has a current ratio of 3.09, a quick ratio of 1.11 and a debt-to-equity ratio of 0.93. The firm has a market cap of $125.93 million, a price-to-earnings ratio of -0.20 and a beta of 2.55.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Wednesday, February 12th. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $199.80 million during the quarter, compared to analyst estimates of $215.96 million. Forum Energy Technologies had a negative net margin of 59.28% and a negative return on equity of 2.51%. On average, research analysts forecast that Forum Energy Technologies will post -0.13 earnings per share for the current year.

In other news, CEO C Christopher Gaut purchased 312,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $1.28 per share, for a total transaction of $400,000.00. Following the purchase, the chief executive officer now directly owns 2,127,833 shares of the company’s stock, valued at approximately $2,723,626.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew L. Waite purchased 585,938 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $1.28 per share, for a total transaction of $750,000.64. Following the purchase, the director now directly owns 656,150 shares in the company, valued at $839,872. The disclosure for this purchase can be found here. 28.50% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in FET. FMR LLC raised its position in Forum Energy Technologies by 81.7% in the 1st quarter. FMR LLC now owns 3,014,397 shares of the oil and gas company’s stock valued at $15,404,000 after purchasing an additional 1,355,397 shares in the last quarter. First Trust Advisors LP raised its position in Forum Energy Technologies by 147.1% in the 1st quarter. First Trust Advisors LP now owns 513,202 shares of the oil and gas company’s stock valued at $2,622,000 after purchasing an additional 305,506 shares in the last quarter. Bank of America Corp DE raised its position in Forum Energy Technologies by 2.3% in the 2nd quarter. Bank of America Corp DE now owns 370,005 shares of the oil and gas company’s stock valued at $1,266,000 after purchasing an additional 8,305 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Forum Energy Technologies during the 2nd quarter worth about $3,096,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Forum Energy Technologies by 501.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,441,643 shares of the oil and gas company’s stock worth $3,785,000 after acquiring an additional 2,035,443 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

About Forum Energy Technologies

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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Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

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