Forum Energy Technologies Inc. (NYSE:FET) was the recipient of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 8,739,472 shares, a decrease of 18.0% from the August 31st total of 10,657,749 shares. Currently, 10.7% of the shares of the company are sold short. Based on an average daily trading volume, of 667,675 shares, the short-interest ratio is presently 13.1 days.
FET has been the topic of a number of recent analyst reports. Citigroup Inc. increased their price target on shares of Forum Energy Technologies from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, September 2nd. Scotiabank reissued a “sector perform” rating and set a $19.00 price target (up from $16.00) on shares of Forum Energy Technologies in a report on Friday, June 17th. Gabelli initiated coverage on shares of Forum Energy Technologies in a report on Thursday, September 15th. They set a “hold” rating and a $21.00 price target on the stock. Barclays PLC raised shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $19.00 to $23.00 in a report on Friday, September 23rd. Finally, Capital One Financial Corp. reaffirmed an “equal weight” rating on shares of Forum Energy Technologies in a report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. Forum Energy Technologies presently has an average rating of “Hold” and an average target price of $17.37.
Forum Energy Technologies (NYSE:FET) opened at 20.95 on Thursday. The stock’s market cap is $1.90 billion. Forum Energy Technologies has a 52 week low of $8.47 and a 52 week high of $21.40. The firm’s 50-day moving average is $18.29 and its 200 day moving average is $16.49.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative net margin of 28.04% and a negative return on equity of 3.20%. The business had revenue of $142.80 million for the quarter, compared to analyst estimates of $143.17 million. During the same period in the previous year, the firm earned $0.16 EPS. The business’s revenue for the quarter was down 49.8% compared to the same quarter last year. On average, equities research analysts expect that Forum Energy Technologies will post ($0.78) EPS for the current year.
Several large investors have recently added to or reduced their stakes in FET. Norges Bank acquired a new stake in Forum Energy Technologies during the fourth quarter valued at approximately $12,462,000. Ngam Advisors L.P. raised its stake in Forum Energy Technologies by 31.4% in the first quarter. Ngam Advisors L.P. now owns 339,222 shares of the company’s stock valued at $4,478,000 after buying an additional 81,059 shares in the last quarter. Teachers Advisors Inc. raised its stake in Forum Energy Technologies by 0.8% in the first quarter. Teachers Advisors Inc. now owns 88,351 shares of the company’s stock valued at $1,166,000 after buying an additional 719 shares in the last quarter. Prudential Financial Inc. raised its stake in Forum Energy Technologies by 4.0% in the first quarter. Prudential Financial Inc. now owns 626,045 shares of the company’s stock valued at $8,264,000 after buying an additional 23,900 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Forum Energy Technologies during the first quarter valued at approximately $241,000.
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