Forum Energy Technologies, Inc. (FET) Rating Lowered to Hold at Zacks Investment Research
Forum Energy Technologies, Inc. (NYSE:FET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
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. “
Several other research firms also recently commented on FET. Barclays PLC reaffirmed a “buy” rating and set a $29.00 price objective on shares of Forum Energy Technologies in a report on Tuesday, January 10th. TheStreet raised shares of Forum Energy Technologies from a “d+” rating to a “c” rating in a report on Thursday, February 9th. Credit Suisse Group set a $25.00 price objective on shares of Forum Energy Technologies and gave the company a “buy” rating in a report on Saturday, February 11th. KeyCorp reaffirmed a “buy” rating and set a $24.00 price objective on shares of Forum Energy Technologies in a report on Thursday, December 1st. Finally, FBR & Co upped their price objective on shares of Forum Energy Technologies from $14.00 to $18.00 and gave the company a “mkt perform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. Forum Energy Technologies presently has a consensus rating of “Hold” and a consensus price target of $19.37.
Shares of Forum Energy Technologies (NYSE:FET) traded up 0.24% during midday trading on Thursday, hitting $20.80. 923,465 shares of the company traded hands. The stock’s market capitalization is $1.91 billion. The stock has a 50 day moving average of $22.70 and a 200-day moving average of $20.29. Forum Energy Technologies has a 52 week low of $9.02 and a 52 week high of $26.25.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, February 9th. The company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. Forum Energy Technologies had a negative net margin of 13.95% and a negative return on equity of 5.71%. Equities analysts forecast that Forum Energy Technologies will post ($0.29) earnings per share for the current fiscal year.
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In other news, Director David C. Baldwin sold 3,725,000 shares of the stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $21.50, for a total value of $80,087,500.00. Following the sale, the director now directly owns 34,421 shares of the company’s stock, valued at $740,051.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Prady Iyyanki sold 10,000 shares of the stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $23.00, for a total transaction of $230,000.00. Following the completion of the sale, the chief operating officer now directly owns 129,151 shares in the company, valued at $2,970,473. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,785,284 shares of company stock worth $81,484,316. Insiders own 38.40% of the company’s stock.
Several large investors have recently made changes to their positions in FET. Public Employees Retirement System of Ohio increased its stake in shares of Forum Energy Technologies by 13.8% in the second quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the company’s stock worth $100,000 after buying an additional 700 shares during the last quarter. Pacad Investment Ltd. bought a new stake in shares of Forum Energy Technologies during the fourth quarter worth $125,000. Teacher Retirement System of Texas increased its stake in shares of Forum Energy Technologies by 7.2% in the second quarter. Teacher Retirement System of Texas now owns 8,274 shares of the company’s stock worth $143,000 after buying an additional 555 shares in the last quarter. Strategic Investment Management LLC bought a new stake in shares of Forum Energy Technologies during the fourth quarter worth $200,000. Finally, Private Advisory Group LLC bought a new stake in shares of Forum Energy Technologies during the fourth quarter worth $203,000. 95.56% of the stock is currently owned by hedge funds and other institutional investors.
Forum Energy Technologies Company Profile
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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