Forum Energy downgraded to Neutral from Outperform at Credit Suisse Credit Suisse downgraded Forum Energy based on weakening end markets, cost overruns, and low margins. Price target lowered to $30 from $33.
Forum Energy says decline in oil prices had significant impact on spending CEO Cris Gaut commented, "The decline in oil prices had a significant impact on the spending by our customers. Each of our product lines experienced sequentially lower revenues in the first quarter 2015 contributed to by the 44% decline in the North America rig count during the quarter. New orders received by Forum in the first quarter were $288 million, a decline of 32% from the fourth quarter with the only increase being in our Valves product line. Our first quarter 2015 book to bill ratio was 83%."