Forum Energy Technologies (NYSE:FET) Stock Rating Lowered by Zacks Research

Forum Energy Technologies (NYSE:FET) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Wall Street Zen raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Forum Energy Technologies Stock Performance

Shares of NYSE:FET opened at $58.77 on Tuesday. The firm has a fifty day simple moving average of $43.91 and a two-hundred day simple moving average of $33.80. Forum Energy Technologies has a 52 week low of $12.78 and a 52 week high of $63.58. The company has a quick ratio of 1.01, a current ratio of 2.19 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $668.81 million, a P/E ratio of -66.03, a PEG ratio of 5.75 and a beta of 0.64.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. The firm had revenue of $202.20 million during the quarter, compared to the consensus estimate of $190.50 million. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.35%.

Hedge Funds Weigh In On Forum Energy Technologies

A number of large investors have recently bought and sold shares of the business. American Century Companies Inc. increased its stake in Forum Energy Technologies by 69.4% in the second quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock worth $4,570,000 after purchasing an additional 96,175 shares during the period. JB Capital Partners LP bought a new position in shares of Forum Energy Technologies in the second quarter worth about $1,398,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Forum Energy Technologies in the 2nd quarter worth about $208,000. De Lisle Partners LLP increased its stake in Forum Energy Technologies by 7.4% in the 2nd quarter. De Lisle Partners LLP now owns 217,242 shares of the oil and gas company’s stock worth $4,235,000 after buying an additional 15,000 shares during the period. Finally, Bailard Inc. bought a new stake in Forum Energy Technologies during the 2nd quarter valued at about $255,000. Hedge funds and other institutional investors own 65.60% of the company’s stock.

About Forum Energy Technologies

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.