KeyBanc Reiterates a Buy Rating on Forum Energy Tech

By Carrie Williams

In a report released yesterday, Robin Shoemaker from KeyBanc reiterated a Buy rating on Forum Energy Tech (NYSE: FET), with a price target of $24. The company’s shares closed yesterday at $21.75, close to its 52-week high of $22.85.

According to TipRanks.com, Shoemaker is ranked #3839 out of 4243 analysts.

Forum Energy Tech has an analyst consensus of Moderate Buy, with a price target consensus of $20.60.

The company has a one year high of $22.85 and a one year low of $8.47. Currently, Forum Energy Tech has an average volume of 896.3K.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FET in relation to earlier this year. Most recently, in May 2016, John Schmitz, a Director at FET bought 1,628 shares for a total of $24,990.

Forum Energy Technologies, Inc. is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The company operates through two business segments: Drilling & Subsea and Production & Infrastructure. The Drilling and Subsea segment designs and manufactures products and provide related services to the drilling, well construction, completion, intervention and subsea construction and services markets. It provides three technologies, which include subsea, downhole and drilling. The Production and Infrastructure segment designs and manufactures products and provide related equipment and services to the well stimulation, completion, production and infrastructure markets. It also offers flow equipment, production equipment and valve solutions. Forum Energy Technologies was founded in 2005 and is headquartered in Houston, TX.