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

Forum Energy Technologies (NYSE:FET) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

A number of other research firms have also recently issued reports on FET. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Forum Energy Technologies presently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Up 1.6%

Forum Energy Technologies stock opened at $50.33 on Friday. The stock has a market capitalization of $568.75 million, a PE ratio of -85.31, a price-to-earnings-growth ratio of 2.87 and a beta of 0.53. Forum Energy Technologies has a twelve month low of $18.12 and a twelve month high of $65.43. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The company has a 50 day moving average of $55.04 and a 200-day moving average of $50.87.

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

Insider Transactions at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the sale, the senior vice president directly owned 54,139 shares of the company’s stock, valued at $3,004,173.11. The trade was a 5.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Several hedge funds have recently modified their holdings of FET. IES Holdings Inc. bought a new position in Forum Energy Technologies in the fourth quarter valued at approximately $20,107,000. AQR Capital Management LLC raised its stake in shares of Forum Energy Technologies by 1,327.5% during the 4th quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock worth $5,402,000 after purchasing an additional 135,961 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Forum Energy Technologies during the 1st quarter worth approximately $7,682,000. JPMorgan Chase & Co. boosted its holdings in shares of Forum Energy Technologies by 204.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after buying an additional 108,490 shares during the last quarter. Finally, Invesco Ltd. boosted 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 buying an additional 82,363 shares during the last quarter. 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.