What Next for Forum Energy Technologies, Inc. (FET) After Forming Bearish Double Bottom?

June 13, 2018 - By Winifred Garcia

Investors sentiment increased to 1.2 in Q1 2018. Its up 0.15, from 1.05 in 2017Q4. It is positive, as 15 investors sold Forum Energy Technologies, Inc. shares while 41 reduced holdings. 27 funds opened positions while 40 raised stakes. 94.45 million shares or 0.86% less from 95.28 million shares in 2017Q4 were reported.
1.05 million were accumulated by Cortina Asset Mngmt Ltd Company. 10,306 are owned by Proshare Advsr Limited. Viking Fund Mgmt Limited owns 750,000 shares or 1.56% of their US portfolio. New York-based Morgan Stanley has invested 0% in Forum Energy Technologies, Inc. (NYSE:FET). Employees Retirement System Of Ohio stated it has 0% in Forum Energy Technologies, Inc. (NYSE:FET). Fincl Bank Of Ny Mellon has invested 0% in Forum Energy Technologies, Inc. (NYSE:FET). Engy Opportunities Capital Ltd has invested 1.79% of its portfolio in Forum Energy Technologies, Inc. (NYSE:FET). Clearbridge Investments Limited Com invested in 956,436 shares. Tortoise Capital Advsr Limited Liability accumulated 0% or 41 shares. Alliancebernstein Limited Partnership invested in 1.56M shares. Ameritas Prtn Incorporated reported 6,985 shares. Hsbc Holdg Public Limited, United Kingdom-based fund reported 10,293 shares. Paloma Prtn Management has 0.01% invested in Forum Energy Technologies, Inc. (NYSE:FET). Millennium Ltd Liability reported 2.47M shares or 0.04% of all its holdings. Palisade Capital Mngmt Lc Nj invested 0.25% in Forum Energy Technologies, Inc. (NYSE:FET).

Since March 2, 2018, it had 1 insider buy, and 0 sales for $956,700 activity.

The chart of Forum Energy Technologies, Inc. (FET) shows a double bottom with $11.73 target or 5.00 % below today’s $12.35 share price. The 6 months chart pattern indicates high risk for the $1.34 billion company. It was reported on Jun, 13 by Finviz.com. If the $11.73 price target is reached, the company will be worth $67.00M less. Double bottoms are rare but powerful chart patterns.

The stock decreased 0.80% or $0.1 during the last trading session, reaching $12.35. About 436,148 shares traded. Forum Energy Technologies, Inc. (NYSE:FET) has declined 13.31% since June 13, 2017 and is downtrending. It has underperformed by 25.88% the S&P500.

Analysts await Forum Energy Technologies, Inc. (NYSE:FET) to report earnings on July, 26. They expect $-0.02 EPS, up 80.00 % or $0.08 from last year’s $-0.1 per share. After $-0.07 actual EPS reported by Forum Energy Technologies, Inc. for the previous quarter, Wall Street now forecasts -71.43 % EPS growth.

Forum Energy Technologies, Inc. (NYSE:FET) Ratings Coverage

Among 9 analysts covering Forum Energy Tech (NYSE:FET), 1 have Buy rating, 0 Sell and 8 Hold. Therefore 11% are positive. Forum Energy Tech has $17.0 highest and $10.0 lowest target. $13.31’s average target is 7.77% above currents $12.35 stock price. Forum Energy Tech had 12 analyst reports since January 4, 2018 according to SRatingsIntel. Citigroup maintained it with “Neutral” rating and $14 target in Wednesday, May 2 report. The stock has “Neutral” rating by JP Morgan on Monday, February 12. The stock of Forum Energy Technologies, Inc. (NYSE:FET) earned “Equal-Weight” rating by Barclays Capital on Monday, February 12. As per Tuesday, February 13, the company rating was upgraded by Jefferies. The firm earned “Hold” rating on Monday, February 12 by Piper Jaffray. The firm has “Hold” rating given on Thursday, January 4 by Jefferies. The company was maintained on Monday, February 12 by Deutsche Bank. The firm has “Neutral” rating given on Monday, February 12 by B. Riley & Co. Cowen & Co maintained the shares of FET in report on Monday, February 12 with “Hold” rating. Cowen & Co maintained the shares of FET in report on Thursday, January 11 with “Hold” rating.

Another recent and important Forum Energy Technologies, Inc. (NYSE:FET) news was published by Businesswire.com which published an article titled: “Forum Energy Technologies Awarded Contract for Submarine Rescue Vehicle and Remotely Operated Vehicle” on June 11, 2018.

Forum Energy Technologies, Inc. designs, makes, and distributes products to the oil and natural gas industry in the United States and internationally. The company has market cap of $1.34 billion. The firm operates in three divisions: Drilling & Subsea, Completions, and Production & Infrastructure. It currently has negative earnings. The Drilling & Subsea segment creates and makes products, and provides related services to the drilling and subsea construction markets.

Forum Energy Technologies, Inc. (NYSE:FET) Institutional Positions Chart

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