After Merrill Lynch and Evercore ISI gave Forum Energy Tech (NYSE: FET) a Sell rating last month, the company received another Sell, this time from Barclays. Analyst David Anderson downgraded Forum Energy Tech to Sell today. The company’s shares closed last Monday at $0.23, close to its 52-week low of $0.18.
According to TipRanks.com, Anderson is ranked 0 out of 5 stars with an average return of -11.1% and a 32.6% success rate. Anderson covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Oceaneering International, and Ranger Energy Services.
The word on The Street in general, suggests a Strong Sell analyst consensus rating for Forum Energy Tech with a $0.28 average price target, a 21.7% upside from current levels. In a report issued on March 9, Merrill Lynch also downgraded the stock to Sell.
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Based on Forum Energy Tech’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $12.4 million. In comparison, last year the company had a GAAP net loss of $384 million.
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Forum Energy Technologies, Inc. is a global oilfield products company. It operates through following segments: Drilling & Downhole; Completions; Production; and Corporate. The Drilling & Downhole segment designs and manufactures products; and provides related services to the drilling, energy subsea construction and services markets, and other markets.
