Forum Energy Technologies (NYSE:FET) Shares Gap Down to $0.40

Forum Energy Technologies Inc (NYSE:FET)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $0.41, but opened at $0.40. Forum Energy Technologies shares last traded at $0.37, with a volume of 1,959,879 shares changing hands.

A number of equities analysts have recently issued reports on FET shares. Barclays cut Forum Energy Technologies from an “equal weight” rating to an “underweight” rating in a report on Thursday, March 19th. Morgan Stanley cut Forum Energy Technologies from an “equal weight” rating to an “underweight” rating in a report on Monday, March 16th. Evercore ISI cut Forum Energy Technologies to a “sell” rating in a report on Tuesday, March 17th. ValuEngine raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. Finally, Tudor Pickering cut Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, March 11th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $1.70.

The stock has a market capitalization of $54.01 million, a P/E ratio of -0.07 and a beta of 4.24. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.64 and a current ratio of 3.76. The stock has a 50-day simple moving average of $0.49 and a 200 day simple moving average of $0.75.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, May 7th. The oil and gas company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.10). The firm had revenue of $182.60 million during the quarter, compared to the consensus estimate of $203.00 million. Forum Energy Technologies had a negative net margin of 68.74% and a negative return on equity of 6.29%. Equities analysts predict that Forum Energy Technologies Inc will post -0.74 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in FET. GSA Capital Partners LLP boosted its position in shares of Forum Energy Technologies by 128.2% in the 1st quarter. GSA Capital Partners LLP now owns 185,682 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 104,305 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Forum Energy Technologies by 167.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 160,557 shares of the oil and gas company’s stock worth $270,000 after purchasing an additional 100,585 shares during the last quarter. State Street Corp boosted its position in shares of Forum Energy Technologies by 1.9% in the 1st quarter. State Street Corp now owns 1,698,666 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 31,603 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Forum Energy Technologies by 368.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 185,919 shares of the oil and gas company’s stock worth $312,000 after purchasing an additional 146,219 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Forum Energy Technologies by 798.3% in the 4th quarter. Marshall Wace LLP now owns 295,995 shares of the oil and gas company’s stock worth $497,000 after purchasing an additional 263,044 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

About Forum Energy Technologies (NYSE:FET)

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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