Forum Energy Technologies (NYSE:FET) Shares Down 7.3% After Analyst Downgrade

Forum Energy Technologies Inc (NYSE:FET) shares fell 7.3% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $4.00 to $3.00. Citigroup currently has a buy rating on the stock. Forum Energy Technologies traded as low as $1.59 and last traded at $1.64, 971,091 shares were traded during mid-day trading. A decline of 20% from the average session volume of 1,216,725 shares. The stock had previously closed at $1.77.

Several other equities research analysts have also issued reports on FET. Gabelli lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research lowered Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, July 26th. Bank of America reissued a “neutral” rating and set a $3.50 price target (down from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. Finally, B. Riley set a $4.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $5.88.

In other news, CEO C Christopher Gaut purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $1.35 per share, with a total value of $27,000.00. Following the transaction, the chief executive officer now owns 1,827,333 shares in the company, valued at approximately $2,466,899.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 28.50% of the company’s stock.



A number of institutional investors and hedge funds have recently modified their holdings of FET. Quantamental Technologies LLC bought a new position in Forum Energy Technologies during the 2nd quarter worth $35,000. Alambic Investment Management L.P. bought a new position in Forum Energy Technologies during the 2nd quarter worth $60,000. Menta Capital LLC bought a new position in Forum Energy Technologies during the 2nd quarter worth $62,000. Commerce Bank grew its stake in Forum Energy Technologies by 16.9% during the 1st quarter. Commerce Bank now owns 15,980 shares of the oil and gas company’s stock worth $82,000 after buying an additional 2,310 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in Forum Energy Technologies by 229.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 18,711 shares of the oil and gas company’s stock worth $96,000 after buying an additional 13,031 shares during the last quarter. Hedge funds and other institutional investors own 87.78% of the company’s stock.

The stock has a market capitalization of $193.16 million, a P/E ratio of 82.00 and a beta of 2.46. The stock has a 50 day moving average of $1.68 and a 200 day moving average of $3.72. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.15 and a current ratio of 3.25.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). The company had revenue of $245.60 million for the quarter, compared to the consensus estimate of $254.91 million. Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. Forum Energy Technologies’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) earnings per share. On average, research analysts anticipate that Forum Energy Technologies Inc will post -0.22 EPS for the current fiscal year.

Forum Energy Technologies Company Profile (NYSE:FET)

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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