Equities researchers at Gabelli started coverage on shares of Forum Energy Technologies Inc. (NYSE:FET) in a report issued on Thursday. The firm set a “hold” rating and a $21.00 price target on the stock. Gabelli’s price objective would suggest a potential upside of 22.81% from the company’s current price.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered Forum Energy Technologies from a “neutral” rating to an “underweight” rating and set a $10.00 price objective for the company. in a research note on Tuesday, July 12th. Deutsche Bank AG reissued a “buy” rating on shares of Forum Energy Technologies in a research note on Sunday, May 22nd. Iberia Capital raised Forum Energy Technologies from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $18.00 to $21.00 in a research note on Monday, August 1st. Citigroup Inc. increased their price objective on Forum Energy Technologies from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, July 13th. Finally, Credit Suisse Group AG reissued a “hold” rating on shares of Forum Energy Technologies in a research note on Monday, June 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $16.45.

Shares of Forum Energy Technologies (NYSE:FET) opened at 17.10 on Thursday. The firm’s market cap is $1.55 billion. The company has a 50-day moving average of $17.28 and a 200 day moving average of $15.84. Forum Energy Technologies has a 52-week low of $8.47 and a 52-week high of $19.32.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. The firm earned $142.80 million during the quarter, compared to analyst estimates of $143.17 million. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The business’s quarterly revenue was down 49.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.16 earnings per share. On average, equities analysts expect that Forum Energy Technologies will post ($0.78) earnings per share for the current year.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Forum Energy Technologies by 4.2% in the second quarter. Vanguard Group Inc. now owns 4,564,736 shares of the company’s stock valued at $79,015,000 after buying an additional 181,996 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Forum Energy Technologies by 42.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,697,698 shares of the company’s stock valued at $64,004,000 after buying an additional 1,095,172 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Forum Energy Technologies by 0.3% in the first quarter. Wellington Management Group LLP now owns 3,673,186 shares of the company’s stock valued at $48,485,000 after buying an additional 11,064 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Forum Energy Technologies by 5.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,774,895 shares of the company’s stock valued at $48,034,000 after buying an additional 152,771 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its position in shares of Forum Energy Technologies by 23.4% in the first quarter. Champlain Investment Partners LLC now owns 2,686,550 shares of the company’s stock valued at $35,462,000 after buying an additional 510,275 shares during the last quarter.

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. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. 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.

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