The TheStreet Upgrades Forum Energy Technologies, Inc. (FET) to “C”, Report finds

The TheStreet Upgrades Forum Energy Technologies, Inc. (FET) to “C”, Report finds

Other equities research analysts have also recently issued research reports about the stock. Credit Suisse Group set a $25.00 price target on shares of Forum Energy Technologies and gave the stock a “buy” rating in a report on Saturday. Zacks Investment Research raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Monday, January 9th. KeyCorp reaffirmed a “buy” rating and issued a $24.00 price target on shares of Forum Energy Technologies in a report on Thursday, December 1st. DA Davidson reaffirmed a “buy” rating and issued a $25.00 price target on shares of Forum Energy Technologies in a report on Monday, November 7th. Finally, Barclays PLC reaffirmed a “buy” rating and issued a $29.00 price target on shares of Forum Energy Technologies in a report on Tuesday, January 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $19.26.

Forum Energy Technologies, Inc. (NYSE:FET) was upgraded by research analysts at TheStreet from a “d+” rating to a “c” rating in a report released on Thursday.

Forum Energy Technologies (NYSE:FET) opened at 21.95 on Thursday. The firm’s market capitalization is $2.02 billion. Forum Energy Technologies has a one year low of $8.47 and a one year high of $26.25. The stock has a 50 day moving average of $22.85 and a 200-day moving average of $20.14.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, February 9th. The company reported ($0.16) EPS for the quarter, topping 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%. On average, equities analysts predict that Forum Energy Technologies will post ($0.26) EPS for the current year.

In other Forum Energy Technologies news, COO Prady Iyyanki sold 20,000 shares of the company’s stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $22.00, for a total transaction of $440,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David C. Baldwin sold 3,725,000 shares of the company’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $21.50, for a total transaction of $80,087,500.00. Following the sale, the director now owns 34,421 shares of the company’s stock, valued at $740,051.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,785,284 shares of company stock valued at $81,484,316. Company insiders own 38.40% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its stake in 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 valued at $100,000 after buying an additional 700 shares during the last quarter. Teacher Retirement System of Texas increased its position 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 valued at $143,000 after buying an additional 555 shares during the period. Private Advisory Group LLC purchased a new position in shares of Forum Energy Technologies during the fourth quarter valued at approximately $203,000. OLD National Bancorp IN purchased a new position in shares of Forum Energy Technologies during the third quarter valued at approximately $222,000. Finally, Two Sigma Securities LLC purchased a new position in shares of Forum Energy Technologies during the third quarter valued at approximately $228,000. Institutional investors and hedge funds own 95.56% of the company’s stock.

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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