Forum Energy Technologies (NYSE:FET) Upgraded to “Strong-Buy” at Wall Street Zen

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

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Forum Energy Technologies Trading Down 0.8%

FET stock opened at $57.22 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01. Forum Energy Technologies has a 1-year low of $12.78 and a 1-year high of $63.58. The business has a 50 day simple moving average of $46.99 and a two-hundred day simple moving average of $35.53. The company has a market capitalization of $644.07 million, a price-to-earnings ratio of -64.29, a PEG ratio of 5.29 and a beta of 0.54.

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 the consensus estimate of $0.36 by $0.05. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%. The firm had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $190.50 million.

Insider Buying and Selling at Forum Energy Technologies

In related news, EVP John C. Ivascu sold 4,392 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $263,563.92. Following the completion of the transaction, the executive vice president directly owned 81,599 shares of the company’s stock, valued at approximately $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

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