Forum Energy Technologies (NYSE:FET – Get Free Report) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.
Separately, TheStreet lowered Forum Energy Technologies from a “c” rating to a “d” rating in a research note on Thursday, February 29th.
Read Our Latest Stock Report on FET
Forum Energy Technologies Stock Performance
Forum Energy Technologies (NYSE:FET – Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The oil and gas company reported ($0.39) earnings per share for the quarter. The company had revenue of $185.20 million for the quarter. Forum Energy Technologies had a negative net margin of 2.56% and a negative return on equity of 0.38%. Equities research analysts predict that Forum Energy Technologies will post 0.13 earnings per share for the current year.
Insider Activity
In related news, EVP John C. Ivascu sold 2,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $19.25, for a total value of $38,500.00. Following the completion of the sale, the executive vice president now owns 51,543 shares of the company’s stock, valued at $992,202.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.20% of the company’s stock.
Institutional Trading of Forum Energy Technologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FET. BlackRock Inc. lifted its stake in Forum Energy Technologies by 567.8% in the second quarter. BlackRock Inc. now owns 585,300 shares of the oil and gas company’s stock worth $14,978,000 after acquiring an additional 497,650 shares during the period. State Street Corp lifted its stake in Forum Energy Technologies by 1,259.1% in the second quarter. State Street Corp now owns 237,449 shares of the oil and gas company’s stock worth $6,076,000 after acquiring an additional 219,978 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new stake in Forum Energy Technologies in the first quarter worth $4,776,000. Geode Capital Management LLC lifted its stake in Forum Energy Technologies by 370.0% in the second quarter. Geode Capital Management LLC now owns 181,981 shares of the oil and gas company’s stock worth $4,657,000 after acquiring an additional 143,265 shares during the period. Finally, Tejara Capital Ltd bought a new position in Forum Energy Technologies in the fourth quarter worth $4,191,000. Hedge funds and other institutional investors own 65.60% of the company’s stock.
About Forum Energy Technologies
Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.
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