Forum Energy Technologies (FET) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

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. “

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A number of other analysts have also issued reports on FET. Piper Jaffray set a $13.00 target price on Forum Energy Technologies and gave the company a hold rating in a report on Sunday, April 8th. Deutsche Bank reduced their target price on Forum Energy Technologies from $17.00 to $16.00 and set a hold rating for the company in a report on Monday, February 12th. JPMorgan Chase dropped their price target on shares of Forum Energy Technologies from $13.00 to $11.00 and set a neutral rating on the stock in a research note on Monday, February 12th. Cowen reaffirmed a market perform rating and issued a $10.00 price target (down from $13.00) on shares of Forum Energy Technologies in a research note on Monday, February 12th. Finally, ValuEngine downgraded shares of Forum Energy Technologies from a sell rating to a strong sell rating in a research note on Thursday, March 1st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $15.79.

FET opened at $12.05 on Monday. The firm has a market capitalization of $1,335.04, a PE ratio of -31.71 and a beta of 1.90. Forum Energy Technologies has a 12-month low of $10.05 and a 12-month high of $20.23. The company has a quick ratio of 1.61, a current ratio of 3.65 and a debt-to-equity ratio of 0.36.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.01). The business had revenue of $247.70 million during the quarter, compared to analysts’ expectations of $249.85 million. Forum Energy Technologies had a negative net margin of 6.99% and a negative return on equity of 2.98%. Forum Energy Technologies’s revenue for the quarter was up 68.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.16) EPS. sell-side analysts anticipate that Forum Energy Technologies will post 0.01 EPS for the current fiscal year.

In related news, CEO Prady Iyyanki purchased 90,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were acquired at an average cost of $10.63 per share, with a total value of $956,700.00. Following the completion of the purchase, the chief executive officer now owns 443,417 shares of the company’s stock, valued at approximately $4,713,522.71. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 30.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of FET. MML Investors Services LLC acquired a new position in Forum Energy Technologies during the fourth quarter worth $159,000. Two Sigma Investments LP acquired a new position in Forum Energy Technologies during the fourth quarter worth $163,000. Amalgamated Bank acquired a new position in Forum Energy Technologies during the fourth quarter worth $167,000. SG Americas Securities LLC acquired a new position in Forum Energy Technologies during the third quarter worth $185,000. Finally, ETRADE Capital Management LLC acquired a new position in Forum Energy Technologies during the fourth quarter worth $213,000. 94.25% of the stock is currently owned by hedge funds and other institutional investors.

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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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