Zacks Investment Research Upgrades Forum Energy Technologies (FET) to “Buy”

Zacks Investment Research upgraded shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a buy rating in a report issued on Monday. They currently have $6.75 target price on the oil and gas company’s stock.

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. “

Other equities analysts have also issued reports about the company. Citigroup reduced their price target on Forum Energy Technologies from $10.00 to $8.00 and set a hold rating on the stock in a research report on Monday, November 19th. Bank of America began coverage on Forum Energy Technologies in a research report on Monday, December 3rd. They set a neutral rating and a $7.00 price target on the stock. B. Riley reissued a neutral rating on shares of Forum Energy Technologies in a research report on Tuesday, February 19th. Gabelli reissued a buy rating on shares of Forum Energy Technologies in a research report on Monday, February 11th. Finally, TheStreet lowered Forum Energy Technologies from a c- rating to a d+ rating in a research report on Thursday, December 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $10.93.

Forum Energy Technologies stock opened at $6.07 on Monday. The company has a market cap of $668.17 million, a P/E ratio of 202.67 and a beta of 2.35. The company has a current ratio of 3.23, a quick ratio of 1.21 and a debt-to-equity ratio of 0.50. Forum Energy Technologies has a one year low of $3.51 and a one year high of $16.02.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, February 7th. The oil and gas company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.11. The firm had revenue of $272.90 million for the quarter, compared to analyst estimates of $257.82 million. Forum Energy Technologies had a positive return on equity of 0.16% and a negative net margin of 35.15%. Forum Energy Technologies’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) EPS. Sell-side analysts expect that Forum Energy Technologies will post -0.12 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its position in shares of Forum Energy Technologies by 25.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 1,833 shares in the last quarter. Rehmann Capital Advisory Group raised its position in shares of Forum Energy Technologies by 920.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 10,784 shares of the oil and gas company’s stock valued at $1,042,000 after purchasing an additional 9,727 shares in the last quarter. Jefferies Group LLC acquired a new position in shares of Forum Energy Technologies in the 3rd quarter valued at approximately $112,000. Citigroup Inc. raised its position in shares of Forum Energy Technologies by 588.6% in the 4th quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 10,412 shares in the last quarter. Finally, CWM Advisors LLC raised its position in shares of Forum Energy Technologies by 102.0% in the 4th quarter. CWM Advisors LLC now owns 20,257 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 10,228 shares in the last quarter. 91.41% of the stock is currently owned by institutional investors.

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 in 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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