Forum Energy Technologies (NYSE:FET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, January 3rd.

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. “

How to Become a New Pot Stock Millionaire

Other equities research analysts also recently issued reports about the company. Cowen set a $11.00 price objective on Forum Energy Technologies and gave the company a “hold” rating in a research report on Friday, October 6th. Citigroup upped their target price on Forum Energy Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, October 5th. Jefferies Group set a $17.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, October 5th. Barclays reaffirmed a “hold” rating and set a $17.00 target price on shares of Forum Energy Technologies in a research note on Sunday, November 5th. Finally, Scotiabank set a $24.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $17.93.

Shares of Forum Energy Technologies (NYSE FET) traded down $0.30 during mid-day trading on Wednesday, reaching $16.75. The company’s stock had a trading volume of 125,058 shares, compared to its average volume of 896,133. Forum Energy Technologies has a fifty-two week low of $10.05 and a fifty-two week high of $26.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74. The stock has a market capitalization of $1,897.09, a P/E ratio of -13.53 and a beta of 1.66.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.10). Forum Energy Technologies had a negative return on equity of 3.97% and a negative net margin of 16.85%. The business had revenue of $198.70 million for the quarter, compared to the consensus estimate of $200.96 million. During the same period in the prior year, the business posted ($0.19) earnings per share. The company’s quarterly revenue was up 43.7% compared to the same quarter last year. equities research analysts expect that Forum Energy Technologies will post -0.36 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in FET. Aperio Group LLC bought a new position in Forum Energy Technologies in the second quarter worth approximately $200,000. Schwab Charles Investment Management Inc. grew its stake in Forum Energy Technologies by 10.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 475,504 shares of the oil and gas company’s stock worth $7,418,000 after purchasing an additional 46,451 shares in the last quarter. Rhumbline Advisers grew its stake in Forum Energy Technologies by 16.8% in the second quarter. Rhumbline Advisers now owns 85,909 shares of the oil and gas company’s stock worth $1,340,000 after purchasing an additional 12,377 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Forum Energy Technologies by 10.5% in the second quarter. Bank of New York Mellon Corp now owns 462,834 shares of the oil and gas company’s stock worth $7,221,000 after purchasing an additional 44,146 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Forum Energy Technologies by 10.9% in the second quarter. Legal & General Group Plc now owns 26,844 shares of the oil and gas company’s stock worth $418,000 after purchasing an additional 2,649 shares in the last quarter. 95.54% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: “Forum Energy Technologies (NYSE:FET) Downgraded by Zacks Investment Research to “Sell”” was first posted by Marea Informative and is the sole property of of Marea Informative. If you are reading this article on another publication, it was illegally copied and reposted in violation of US & international trademark and copyright legislation. The legal version of this article can be viewed at https://www.mareainformativa.com/2018/01/30/forum-energy-technologies-fet-rating-lowered-to-sell-at-zacks-investment-research-updated-updated-updated.html.

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. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.

Get a free copy of the Zacks research report on Forum Energy Technologies (FET)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Forum Energy Technologies (NYSE:FET)

Receive News & Ratings for Forum Energy Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies and related companies with MarketBeat.com's FREE daily email newsletter.