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

Zacks Research downgraded shares of Forum Energy Technologies (NYSE:FET) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Several other equities analysts have also commented on the stock. Wall Street Zen upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

Shares of FET stock opened at $58.77 on Tuesday. 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 business has a 50 day moving average of $43.91 and a two-hundred day moving average of $33.80. The company has a market cap 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 has a 52 week low of $12.78 and a 52 week high of $63.58.

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

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of Forum Energy Technologies by 461.5% in the 4th quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock valued at $3,703,000 after purchasing an additional 82,363 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Forum Energy Technologies by 17.3% during the fourth quarter. Mackenzie Financial Corp now owns 57,907 shares of the oil and gas company’s stock worth $2,161,000 after purchasing an additional 8,539 shares during the period. Empowered Funds LLC grew its position in Forum Energy Technologies by 81.8% during the fourth quarter. Empowered Funds LLC now owns 60,254 shares of the oil and gas company’s stock valued at $2,226,000 after purchasing an additional 27,118 shares in the last quarter. Quadrature Capital Ltd increased its stake in Forum Energy Technologies by 18.9% in the 4th quarter. Quadrature Capital Ltd now owns 12,527 shares of the oil and gas company’s stock valued at $463,000 after buying an additional 1,989 shares during the period. Finally, Millennium Management LLC acquired a new position in Forum Energy Technologies in the 4th quarter valued at approximately $3,041,000. Hedge funds and other 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.