Forum Energy Technologies Inc (NYSE:FET) Receives $17.62 Average PT from Brokerages

Shares of Forum Energy Technologies Inc (NYSE:FET) have been given a consensus rating of “Hold” by the eighteen ratings firms that are presently covering the firm, MarketBeat reports. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $17.62.

Shares of Forum Energy Technologies (NYSE:FET) traded up 2.49% on Monday, reaching $12.77. 266,904 shares of the company’s stock traded hands. Forum Energy Technologies has a 52 week low of $8.34 and a 52 week high of $24.36. The firm’s 50 day moving average is $13.45 and its 200 day moving average is $15.04. The firm has a market capitalization of $1.15 billion and a P/E ratio of 13.06.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.09 by $0.02. During the same quarter last year, the firm posted $0.52 earnings per share. The firm had revenue of $245 million for the quarter, compared to analysts’ expectations of $267.45 million. The company’s revenue was down 47.7% on a year-over-year basis. Analysts expect that Forum Energy Technologies will post $0.49 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Forum Energy Technologies stock. Eagle Asset Management raised its stake in Forum Energy Technologies Inc (NYSE:FET) by 103.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 134,112 shares of the company’s stock after buying an additional 68,296 shares during the period. Eagle Asset Management owned approximately 0.15% of Forum Energy Technologies worth $1,636,000 at the end of the most recent reporting period.

Several brokerages have recently weighed in on FET. Jefferies Group lowered their price target on shares of Forum Energy Technologies to $14.00 in a research report on Wednesday, October 28th. Zacks Investment Research cut shares of Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Monday, December 7th. Credit Suisse raised shares of Forum Energy Technologies from a “neutral” rating to an “outperform” rating and set a $15.00 price target on the stock in a research report on Monday, December 21st. William Blair cut shares of Forum Energy Technologies from an “outperform” rating to a “market perform” rating in a research report on Friday, December 18th. Finally, Guggenheim upgraded shares of Forum Energy Technologies from a “neutral” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Monday, November 30th.

12 Month Chart for NYSE:FET

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. 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. Its capital products are targeted at drilling rig equipment for rigs, upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on producing wells, and downstream capital projects. Its engineered systems are components used on drilling rigs or in the course of subsea operations, while its consumable products are used to maintain operations at well sites in the well construction process, within the supporting infrastructure and at processing centers and refineries. Its segments are Drilling & Subsea and Production & Infrastructure.

 

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