Forum Energy Technologies, Inc. (FET) Got Crushed -3.64% Today. Here’s Why

Forum Energy Technologies, Inc. (NYSE:FET) is a stock to watch today. At current price of $5.3, the shares have already lost -0.2 points (-3.64% lower) from its previous close of $5.5. The stock sets an active trading volume day with a reported 214018 contracts so far this session. FET shares had a relatively better volume day versus average trading capacity of 1.14 million shares, but with a 74.9 million float and a -3.51% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for FET stock indicates that the average analyst price target is $6.98 per share. This means the stock has a potential increase of 31.7% from where the FET share price has been trading recently which is between $5.41 and $5.59. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.

The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “The Zacks Analyst Blog Highlights: Bonanza Creek, Oasis, Forum Energy, Enterprise Products and Independence Contract” and dated May 16, 2019.

During the recent trading session for Forum Energy Technologies, Inc. (NYSE:FET), the company witnessed their stock drop by $-0.29 over a week and surge $0.02 from the price 20 days ago. When compared to their established 52-week high of $15.93, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/22/18. The recent low of $3.51 stood for a -66.93% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.35 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Forum Energy Technologies, Inc., the two-week RSI stands at 41.94. This figure suggests that FET stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current FET readings is similarly very revealing as it has a stochastic reading of 19.79% at this stage. This figure means that FET share price today is being overbought.

Technical chart claims that Forum Energy Technologies, Inc. (FET) would settle between $5.59/share to $5.68/share level. However, if the stock price goes below the $5.41 mark, then the market for Forum Energy Technologies, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $5.32 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.1. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Citigroup raised their recommendation on shares of FET from Neutral to Buy in their opinion released on March 14. CapitalOne analysts have lowered their rating of Forum Energy Technologies, Inc. (NYSE:FET) stock from Overweight to Equal Weight in a separate flash note issued to investors on January 16. Analysts at BofA/Merrill, made their first call for the equity with a Neutral recommendation, according to a research note that dated back to December 03.

FET equity has an average rating of 2.33, with the figure leaning towards a bullish end. 15 analysts who tracked the company were contacted by Reuters. Amongst them, 8 rated the stock as a hold while the remaining 7 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 7 analysts rated Forum Energy Technologies, Inc. (NYSE:FET) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, FET stock price is currently trading at 20.37X forward 12-month Consensus EPS estimates, and its P/S ratio is 2.2 while for the average stock in the same group, the multiple is 2.28.

Forum Energy Technologies, Inc. (FET)’s current-quarter revenues are projected to climb by nearly 0.11% to hit $274310, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 5.06% from $1.06 billion to a noteworthy $1.12 billion. At the other end of the current quarter income statement, Forum Energy Technologies, Inc. is expected to see its adjusted earnings surge by roughly -100% to hit $-0.02 per share. For the fiscal year, FET’s earnings are projected to climb by roughly -450% to hit $-0.07 per share.