The stock of Forum Energy Technologies Inc (NYSE:FET) hit a new 52-week high and has $30.20 target or 51.00% above today’s $20.00 share price. The 9 months bullish chart indicates low risk for the $1.88 billion company. The 1-year high was reported on Sep, 30 by Barchart.com. If the $30.20 price target is reached, the company will be worth $958.80 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 520,519 shares traded hands. Forum Energy Technologies Inc (NYSE:FET) has risen 80.33% since February 26, 2016 and is uptrending. It has outperformed by 69.90% the S&P500.
Analysts await Forum Energy Technologies Inc (NYSE:FET) to report earnings on October, 27. They expect $-0.19 earnings per share, down 371.43% or $0.26 from last year’s $0.07 per share. After $-0.19 actual earnings per share reported by Forum Energy Technologies Inc for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
Forum Energy Technologies Inc (NYSE:FET) Ratings Coverage
Out of 16 analysts covering Forum Energy Technologies (NYSE:FET), 5 rate it a “Buy”, 0 “Sell”, while 11 “Hold”. This means 31% are positive. $23 is the highest target while $9 is the lowest. The $15.72 average target is -21.40% below today’s ($20) stock price. Forum Energy Technologies has been the topic of 40 analyst reports since July 28, 2015 according to StockzIntelligence Inc. Morgan Stanley maintained it with “Equal-Weight” rating and $14.50 target price in Tuesday, April 19 report. The stock of Forum Energy Technologies Inc (NYSE:FET) earned “Hold” rating by Jefferies on Monday, July 11. The stock of Forum Energy Technologies Inc (NYSE:FET) earned “Outperform” rating by Cowen & Co on Monday, May 2. The stock has “Hold” rating given by Zacks on Monday, September 21. The company was maintained on Tuesday, February 16 by Howard Weil. The stock of Forum Energy Technologies Inc (NYSE:FET) has “Outperform” rating given on Monday, July 18 by Credit Suisse. On Friday, August 28 the stock rating was upgraded by Zacks to “Sell”. The rating was upgraded by Barclays Capital on Friday, September 23 to “Overweight”. The firm earned “Outperform” rating on Monday, December 21 by Credit Suisse. Cowen & Co maintained it with “Outperform” rating and $11 target price in Tuesday, February 16 report.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment decreased to 0.98 in Q2 2016. Its down 0.24, from 1.22 in 2016Q1. The ratio dived, as 17 funds sold all Forum Energy Technologies Inc shares owned while 47 reduced positions. 23 funds bought stakes while 40 increased positions. They now own 90.83 million shares or 0.57% less from 91.35 million shares in 2016Q1.
The New York-based Amer Group Inc Inc has invested 0% in Forum Energy Technologies Inc (NYSE:FET). Envestnet Asset Inc has 9,958 shares for 0% of their US portfolio. Ngam Advsr L P has 189,169 shares for 0.05% of their US portfolio. Assetmark Inc accumulated 1,195 shares or 0% of the stock. Financial Bank Of New York Mellon Corporation accumulated 0% or 398,866 shares. Goldman Sachs Group Inc Inc holds 88,527 shares or 0% of its portfolio. Deutsche Fincl Bank Ag last reported 0.01% of its portfolio in the stock. Teacher Retirement System Of Texas has invested 0% of its portfolio in Forum Energy Technologies Inc (NYSE:FET). Stephens Incorporated Ar owns 436 shares or 0% of their US portfolio. Us Bank De has 25,975 shares for 0% of their US portfolio. Fincl Bank Of Montreal Can accumulated 29,022 shares or 0% of the stock. Diversified Trust has invested 0.02% of its portfolio in Forum Energy Technologies Inc (NYSE:FET). California State Teachers Retirement holds 0% of its portfolio in Forum Energy Technologies Inc (NYSE:FET) for 125,932 shares. Arosa Capital Management Ltd Partnership accumulated 75,000 shares or 0.16% of the stock. Hillman last reported 17.44% of its portfolio in the stock.
More important recent Forum Energy Technologies Inc (NYSE:FET) news were published by: Finance.Yahoo.com which released: “Forum Energy Technologies Announces Timing of Third Quarter 2016 Earnings …” on September 29, 2016, also Businesswire.com published article titled: “Forum Energy Technologies Announces Acquisition of a Wholesale Completion …”, Businesswire.com published: “Forum Energy Technologies Receives Order for Three Remotely Operated Vehicles” on July 10, 2016. More interesting news about Forum Energy Technologies Inc (NYSE:FET) was released by: Businesswire.com and their article: “Forum Energy Technologies and Offshore Technology Development Announce Joint …” with publication date: May 04, 2016.
FET Company Profile
Forum Energy Technologies, Inc., incorporated on May 10, 2005, is an oilfield products company. The Firm designs, makes and distributes products and engages in aftermarket services, parts supply and related services. The Firm operates through two divisions: Drilling & Subsea, and Production & Infrastructure. The Company’s 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. The Company’s capital products are targeted at drilling rig equipment for rigs, upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on producing wells; pressure pumping equipment, and downstream capital projects. The Company’s engineered systems are components used on drilling rigs for completions or in the course of subsea operations, while its consumable products are used to maintain activities at well sites in the well construction process, within the supporting infrastructure and at processing centers and refineries. The Firm seeks to design, manufacture and supply reliable products for its diverse clients base, which includes, among others, gas and oil operators, land and offshore drilling contractors, oilfield service companies, subsea construction and service companies, and pipeline and refinery operators. The Firm serves the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry.
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