JP Morgan Downgrades Forum Energy Technologies Inc to Underweight

Brokerage firm JP Morgan Downgrades its rating on Forum Energy Technologies Inc(NYSE:FET). The shares have been rated Underweight. Previously, the analysts had a Neutral rating on the shares. The rating by JP Morgan was issued on Jul 12, 2016.

In a different note, On Jul 11, 2016, Jefferies said it Maintains its rating on Forum Energy Technologies Inc. In the research note, the firm Lowers the price-target to $19.00 per share. The shares have been rated ‘Hold’ by the firm. On Jun 1, 2016, Credit Suisse said it Downgrades its rating on Forum Energy Technologies Inc. In the research note, the firm Raises the price-target to $14.00 per share. The shares have been rated ‘Neutral’ by the firm. On Apr 19, 2016, Morgan Stanley said it Maintains its rating on Forum Energy Technologies Inc. In the research note, the firm Raises the price-target to $10.50 per share. The shares have been rated ‘Equal-weight’ by the firm.

Forum Energy Technologies Inc (FET) shares turned negative on Fridays trading session with the shares closing down -0.22 points or -1.33% at a volume of 12,65,291. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $16.55. The peak price level was also seen at $16.55 while the days lowest was $16.06. Finally the shares closed at $16.28. The 52-week high of the shares is $19.32 while the 52-week low is $8.34. According to the latest information available, the market cap of the company is $1,485 M.

Forum Energy Technologies Inc(FET) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $159.40M. Analysts had an estimated revenue of $166.22M. Earnings per share were $-0.22. Analysts had estimated an EPS of $-0.20.

Several Insider Transactions has been reported to the SEC. On Sep 8, 2015, Evelyn M Angelle (director) purchased 26,000 shares at $15.00 per share price.Also, On Jul 31, 2015, Terence M Otoole (director) purchased 200,000 shares at $15.18 per share price.

Forum Energy Technologies Inc. is an oilfield products company. The Company designs manufactures and distributes products and engages in aftermarket services parts supply and related services. Its 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. Its 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 and downstream capital projects. Its engineered systems are components used on drilling rigs or in the course of subsea operations while its consumable products are used to maintain operations at well sites in the well construction process within the supporting infrastructure and at processing centers and refineries. Its segments are Drilling & Subsea and Production & Infrastructure.

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