Forum Energy Technologies (NYSE:FET) Downgraded by Wall Street Zen to Buy

Wall Street Zen lowered shares of Forum Energy Technologies (NYSE:FET) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

A number of other brokerages have also issued reports on FET. Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Forum Energy Technologies currently has a consensus rating of “Reduce”.

Forum Energy Technologies Trading Up 0.6%

NYSE:FET opened at $57.91 on Friday. Forum Energy Technologies has a 1 year low of $18.12 and a 1 year high of $65.43. The stock has a market cap of $654.67 million, a price-to-earnings ratio of -98.16, a PEG ratio of 3.35 and a beta of 0.54. The business has a fifty day moving average of $52.23 and a 200-day moving average of $53.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The company had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. Equities analysts predict that Forum Energy Technologies will post 2.16 earnings per share for the current year.

Insider Activity at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the sale, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 7.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FET. JPMorgan Chase & Co. lifted its holdings in Forum Energy Technologies by 62.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock valued at $7,006,000 after acquiring an additional 100,720 shares during the last quarter. Ritholtz Wealth Management acquired a new position in shares of Forum Energy Technologies in the 4th quarter worth approximately $1,196,000. Hillsdale Investment Management Inc. bought a new stake in shares of Forum Energy Technologies in the 1st quarter worth approximately $7,682,000. Independent Financial Group LLC bought a new stake in shares of Forum Energy Technologies in the 1st quarter worth approximately $1,746,000. Finally, Walleye Capital LLC acquired a new stake in Forum Energy Technologies during the first quarter valued at approximately $1,632,000. 65.60% of the stock is owned by institutional investors and hedge funds.

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.