The stock of Forum Energy Technologies Inc (NYSE:FET) hit a new 52-week high and has $31.75 target or 44.00% above today’s $22.05 share price. The 5 months bullish chart indicates low risk for the $1.98B company. The 1-year high was reported on Oct, 10 by Barchart.com. If the $31.75 price target is reached, the company will be worth $871.20M 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 58,401 shares traded hands. Forum Energy Technologies Inc (NYSE:FET) has risen 58.70% since March 7, 2016 and is uptrending. It has outperformed by 51.11% 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 17 analysts covering Forum Energy Technologies (NYSE:FET), 6 rate it a “Buy”, 0 “Sell”, while 11 “Hold”. This means 35% are positive. Forum Energy Technologies has been the topic of 41 analyst reports since July 28, 2015 according to StockzIntelligence Inc. Credit Suisse downgraded the stock to “Neutral” rating in Wednesday, June 1 report. iBERIA Capital Partners maintained it with “Sector Perform” rating and $14 target price in Friday, April 1 report. The firm has “Sell” rating by Zacks given on Friday, August 28. The company was maintained on Tuesday, February 16 by Howard Weil. Citigroup maintained the shares of FET in a report on Friday, September 2 with “Neutral” rating. Citigroup downgraded Forum Energy Technologies Inc (NYSE:FET) on Friday, March 18 to “Neutral” rating. The rating was maintained by Cowen & Co with “Outperform” on Monday, May 2. The stock of Forum Energy Technologies Inc (NYSE:FET) has “Neutral” rating given on Friday, September 4 by Credit Suisse. Guggenheim upgraded the shares of FET in a report on Monday, November 30 to “Buy” rating. The stock of Forum Energy Technologies Inc (NYSE:FET) earned “Hold” rating by Zacks on Monday, September 21.
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 2016 Q2. Its down 0.24, from 1.22 in 2016Q1. The ratio worsened, 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.
Raymond James, a Florida-based fund reported 90,201 shares. State Bank Of New York Mellon Corp has 0% invested in the company for 398,866 shares. Manufacturers Life The holds 0% or 41,375 shares in its portfolio. Springbok Capital Limited Liability has 0.33% invested in the company for 135,048 shares. Envestnet Asset Incorporated accumulated 9,958 shares or 0% of the stock. Schwab Charles Investment Mngmt Inc reported 345,344 shares or 0.01% of all its holdings. Sei has 0.02% invested in the company for 213,318 shares. Parkside State Bank And Trust owns 728 shares or 0.01% of their US portfolio. Clearbridge Lc, a New York-based fund reported 148,943 shares. Legal General Public Limited Com holds 0% or 15,001 shares in its portfolio. The Delaware-based Blackrock Advsrs Limited Com has invested 0% in Forum Energy Technologies Inc (NYSE:FET). Us Savings Bank De holds 25,975 shares or 0% of its portfolio. The Switzerland-based Zurcher Kantonalbank (Zurich Cantonalbank) has invested 0% in Forum Energy Technologies Inc (NYSE:FET). Pnc Fincl Svcs accumulated 554 shares or 0% of the stock. State Board Of Administration Of Florida Retirement reported 32,156 shares or 0% of all its holdings.
More recent Forum Energy Technologies Inc (NYSE:FET) news were published by: Businesswire.com which released: “Forum Energy Technologies Announces Timing of Third Quarter 2016 Earnings …” on September 29, 2016. Also Businesswire.com published the news titled: “Forum Energy Technologies Announces Acquisition of a Wholesale Completion …” on April 29, 2016. Nasdaq.com‘s news article titled: “Commit To Purchase Forum Energy Technologies At $15, Earn 9.8% Annualized …” with publication date: October 04, 2016 was also an interesting one.
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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