Forum Energy Technologies (NYSE:FET) Cut to “Hold” at Wall Street Zen

Forum Energy Technologies (NYSE:FET) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other brokerages also recently commented on FET. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Wednesday, October 8th. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

Forum Energy Technologies stock opened at $41.90 on Friday. The stock has a fifty day moving average price of $34.81 and a two-hundred day moving average price of $28.13. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.01. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $42.03. The firm has a market capitalization of $476.82 million, a P/E ratio of -4.43, a P/E/G ratio of 3.12 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.08. Forum Energy Technologies had a negative net margin of 14.58% and a negative return on equity of 1.07%. The firm had revenue of $196.23 million for the quarter, compared to analysts’ expectations of $194.35 million.

Hedge Funds Weigh In On Forum Energy Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Teachers Retirement System purchased a new stake in Forum Energy Technologies during the 3rd quarter valued at about $27,000. Federated Hermes Inc. increased its position in Forum Energy Technologies by 166.7% in the third quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock worth $43,000 after buying an additional 1,010 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 1,771 shares in the last quarter. Osaic Holdings Inc. bought a new position in shares of Forum Energy Technologies in the second quarter worth about $78,000. Finally, Quantbot Technologies LP purchased a new stake in Forum Energy Technologies during the 3rd quarter valued at approximately $182,000. 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.