Forum Energy Technologies (NYSE:FET) Rating Lowered to Neutral at Piper Sandler

Forum Energy Technologies (NYSE:FET) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Monday, Marketbeat Ratings reports. They currently have a $0.40 price objective on the oil and gas company’s stock. Piper Sandler’s target price suggests a potential downside of 25.93% from the stock’s previous close.

A number of other analysts also recently issued reports on FET. ValuEngine upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. Evercore ISI downgraded shares of Forum Energy Technologies to a “sell” rating in a report on Tuesday, March 17th. Morgan Stanley downgraded shares of Forum Energy Technologies from an “equal weight” rating to an “underweight” rating in a report on Monday, March 16th. Zacks Investment Research upgraded shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, June 9th. Finally, Barclays downgraded shares of Forum Energy Technologies from an “equal weight” rating to an “underweight” rating in a report on Thursday, March 19th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $1.70.

Shares of FET opened at $0.54 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.64 and a current ratio of 3.76. Forum Energy Technologies has a twelve month low of $0.15 and a twelve month high of $3.57. The firm’s 50 day moving average price is $0.48 and its two-hundred day moving average price is $0.78. The firm has a market cap of $60.14 million, a P/E ratio of -0.10 and a beta of 4.14.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, May 7th. The oil and gas company reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.10). Forum Energy Technologies had a negative net margin of 68.74% and a negative return on equity of 6.29%. The company had revenue of $182.60 million during the quarter, compared to the consensus estimate of $203.00 million. On average, sell-side analysts anticipate that Forum Energy Technologies will post -0.39 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in FET. FMR LLC increased its holdings in shares of Forum Energy Technologies by 81.7% in the first 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 during the last quarter. First Trust Advisors LP increased its holdings in shares of Forum Energy Technologies by 147.1% in the first 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 during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Forum Energy Technologies by 21.5% in the fourth quarter. New York State Common Retirement Fund now owns 386,977 shares of the oil and gas company’s stock valued at $650,000 after purchasing an additional 68,477 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Forum Energy Technologies by 112.2% in the fourth quarter. Panagora Asset Management Inc. now owns 1,271,394 shares of the oil and gas company’s stock valued at $2,136,000 after purchasing an additional 672,199 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Forum Energy Technologies by 167.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 160,557 shares of the oil and gas company’s stock valued at $270,000 after purchasing an additional 100,585 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Forum Energy Technologies Company Profile

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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