Forum Energy Technologies (NYSE:FET) Given New $3.00 Price Target at Piper Jaffray Companies

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Forum Energy Technologies (NYSE:FET) had its target price cut by Piper Jaffray Companies from $4.25 to $3.00 in a research note issued to investors on Tuesday, July 30th, BenzingaRatingsTable reports. They currently have an overweight rating on the oil and gas company’s stock. Piper Jaffray Companies also issued estimates for Forum Energy Technologies’ Q3 2019 earnings at ($0.04) EPS, Q4 2019 earnings at ($0.05) EPS, Q1 2020 earnings at ($0.03) EPS, Q2 2020 earnings at ($0.01) EPS, Q3 2020 earnings at ($0.01) EPS, Q4 2020 earnings at ($0.02) EPS and FY2020 earnings at ($0.07) EPS.

Other equities research analysts have also issued reports about the stock. ValuEngine lowered shares of Forum Energy Technologies from a sell rating to a strong sell rating in a report on Tuesday, July 2nd. Barclays reduced their target price on shares of Forum Energy Technologies from $7.00 to $6.00 and set an equal weight rating for the company in a report on Tuesday, April 9th. Bank of America reaffirmed a neutral rating and set a $3.50 price objective (down from $7.00) on shares of Forum Energy Technologies in a report on Tuesday, June 25th. Zacks Investment Research lowered shares of Forum Energy Technologies from a hold rating to a strong sell rating in a report on Friday, July 26th. Finally, Gabelli lowered shares of Forum Energy Technologies from a buy rating to a hold rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $7.89.

Shares of Forum Energy Technologies stock opened at $1.44 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.25 and a quick ratio of 1.15. The stock has a market cap of $179.91 million, a price-to-earnings ratio of 72.00 and a beta of 2.31. The firm’s 50-day moving average is $2.50 and its 200 day moving average is $4.50. Forum Energy Technologies has a 1 year low of $1.40 and a 1 year high of $12.80.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.03). Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.20%. The company had revenue of $245.60 million for the quarter, compared to the consensus estimate of $254.91 million. During the same quarter in the prior year, the company posted ($0.01) EPS. Forum Energy Technologies’s revenue was down 10.4% on a year-over-year basis. On average, equities analysts expect that Forum Energy Technologies will post -0.2 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in FET. Millennium Management LLC increased its stake in Forum Energy Technologies by 243.0% in the fourth quarter. Millennium Management LLC now owns 3,678,074 shares of the oil and gas company’s stock worth $15,190,000 after purchasing an additional 2,605,832 shares during the period. FMR LLC increased its stake in shares of Forum Energy Technologies by 81.7% during 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 buying an additional 1,355,397 shares during the period. Perella Weinberg Partners Capital Management LP increased its stake in shares of Forum Energy Technologies by 33.4% during the second quarter. Perella Weinberg Partners Capital Management LP now owns 5,004,973 shares of the oil and gas company’s stock valued at $17,117,000 after buying an additional 1,252,305 shares during the period. Citadel Advisors LLC increased its stake in shares of Forum Energy Technologies by 51.2% during the second quarter. Citadel Advisors LLC now owns 2,993,929 shares of the oil and gas company’s stock valued at $10,239,000 after buying an additional 1,014,101 shares during the period. Finally, Nuveen Asset Management LLC purchased a new position in shares of Forum Energy Technologies during the second quarter valued at $3,096,000. Institutional investors and hedge funds own 88.30% 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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