Forum Energy Technologies (NYSE:FET) Issues Quarterly Earnings Results

Forum Energy Technologies (NYSE:FET) released its earnings results on Thursday. The oil and gas company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.05, Zacks reports. Forum Energy Technologies had a negative net margin of 14.58% and a negative return on equity of 1.07%.

Forum Energy Technologies Stock Performance

FET traded up $0.81 during trading hours on Thursday, hitting $52.89. The company’s stock had a trading volume of 399,128 shares, compared to its average volume of 211,350. The company has a 50-day simple moving average of $41.58 and a 200 day simple moving average of $32.45. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $601.89 million, a PE ratio of -5.60, a PEG ratio of 3.84 and a beta of 0.64. Forum Energy Technologies has a fifty-two week low of $12.78 and a fifty-two week high of $53.50.

Analyst Ratings Changes

Several equities analysts have recently commented on FET shares. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FET. IES Holdings Inc. bought a new stake in shares of Forum Energy Technologies during the fourth quarter valued at about $20,107,000. AQR Capital Management LLC increased its stake in Forum Energy Technologies by 1,327.5% during the 4th quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock valued at $5,402,000 after buying an additional 135,961 shares during the period. JPMorgan Chase & Co. increased its stake in Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after buying an additional 108,490 shares during the period. Invesco Ltd. raised its position in shares of Forum Energy Technologies by 461.5% during the 4th quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock worth $3,703,000 after buying an additional 82,363 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of Forum Energy Technologies in the 4th quarter worth approximately $3,041,000. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company’s offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.