Forum Energy Tech Receives a Hold from Cowen & Co.

By Ryan Adsit

In a report released yesterday, Marc Bianchi from Cowen & Co. reiterated a Hold rating on Forum Energy Tech (NYSE: FET), with a price target of $13. The company’s shares closed yesterday at $17.30.

According to, Bianchi is ranked 0 out of 5 stars with an average return of -5.2% and a 40.5% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Baker Hughes a GE company, and Diamond Offshore Drilling.

Currently, the analyst consensus on Forum Energy Tech is Hold and the average price target is $15.31, representing a -11.5% downside.

In a report issued on January 4, Jefferies also reiterated a Hold rating on the stock with a $17 price target.

Based on Forum Energy Tech’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $199 million and GAAP net loss of $14.83 million. In comparison, last year the company earned revenue of $147 million and had a GAAP net loss of $12.51 million.

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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 following segments: Drilling & Subsea; Completions; and Production & Infrastructure.