Stock Analysis:Forum Energy Technologies (NYSE:FET) Stock Target Has Just Been Increased
In an interesting research report announced by Barclays Capital on Wednesday, 9 December, Forum Energy Technologies (NYSE:FET) had its Estimated Target Price boosted to $14.00. The firm currently has a solid Equal Weight rating on shares.
From a total of 16 analysts covering Forum Energy Technologies (NYSE:FET) stock, 8 rate it a ”Buy”, 0 a “Sell”, and 12 a ”Hold”. This means that 40% of the ratings are positive. The highest target price is $23 while the lowest target price is $13. The mean of all analyst targets is $16.38 with a 24.55% above today’s ($12.67) stock price. Forum Energy Technologies was the topic of 17 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. Guggenheim upgraded shares on November 30 to “Buy” rating. Zacks upgraded FET stock in a recent report from September 21 to “Hold” rating. Finally, Cowen & Co maintained the stock with “Outperform” rating in a report issued on a July 27.
Approximately 1.07M shares of stock traded hands. Forum Energy Technologies Inc (NYSE:FET) has declined 43.21% since May 6, 2015 and is downtrending. It has underperformed by 42.42% the S&P500.
The overall sentiment of institutions has decreased to 0.96 in Q2 2015. Its down 0.24, from 1.2 in 2015Q2. The ratio turned negative, as 27 institutions have sold all the shares of Forum Energy Technologies Inc that they owned while 53 funds have taken shares off the table. 25 funds have purchased shares for the first time while 52 added to their positions. These institutions now hold 94.66 million shares or 11.70% more than the 84.75 million shares they owned in 2015Q2.
The Fund Simmons L E & Associates Inc currently is holding shares equating to 100% of its total portfolio in Forum Energy Technologies Inc representing a total of 24.26 million shares. Another fund,Tinicum Inc, is holding a total of 2.97 million shares equating to 17.54% of their holdings. Additionally, Financial Management Professionals Inc. has a 283,001 share stake in Forum Energy Technologies Inc which represents 2.34% of their total portfolio. The Fund, Round Table Services Llc, based out of New Jersey, has also built up a stake in the stock, which represents a total of 1.27% of their total portfolio. Finally Viking Fund Management Llc, a fund which is based in the state of North Dakota reported a total holdings of 520,000 shares.
Insider activity is a very important aspect to track on any stock. Going back to September 8, 2015, shareholders of Forum Energy Technologies Inc have witnessed 1 insider purchase, and a total of 0 selling transactions equating to a net activity of approximately $390,000 . Angelle Evelyn M bought 26,000 shares worth approximately $390,000.
Forum Energy Technologies, Inc. is an oilfield products company. The company has a market cap of $1.12 billion. The Firm designs, makes and distributes products and engages in aftermarket services, parts supply and related services. It has 13.04 P/E ratio. 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.
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.” Get a free copy of the Zacks research report on Forum Energy Technologies Inc (FET).