Forum Energy Technologies Inc (FET) is Downgraded by Credit Suisse to Neutral

Forum Energy Technologies Inc (FET) was Downgraded by Credit Suisse to ” Neutral”. Earlier the firm had a rating of “Outperform ” on the company shares. Credit Suisse advised their investors in a research report released on Jun 1, 2016.

Many Wall Street Analysts have commented on Forum Energy Technologies Inc. Company shares were Reiterated by Cowen on May 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 18 from a previous price target of $11 .Shares were Reiterated by FBR Capital on Mar 23, 2016 to “Outperform” and Lowered the Price Target to $ 11 from a previous price target of $13 .Forum Energy Technologies Inc was Downgraded by Citigroup to ” Neutral” on Mar 18, 2016.

On the company’s financial health, Forum Energy Technologies Inc reported $-0.22 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.20. The company had revenue of $159.40 million for the quarter, compared to analysts expectations of $165.69 million. The company’s revenue was down -54.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.30 EPS.

Forum Energy Technologies Inc opened for trading at $16.93 and hit $17.17 on the upside on Friday, eventually ending the session at $17.15, with a gain of 1.06% or 0.18 points. The heightened volatility saw the trading volume jump to 7,00,305 shares. Company has a market cap of $1,564 M.

In a different news, on Sep 8, 2015, Evelyn M Angelle (director) purchased 26,000 shares at $15.00 per share price. According to the SEC, 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.

Forum Energy Technologies Inc

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