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

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

Several other analysts have also issued reports on the stock. Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Forum Energy Technologies has an average rating of “Reduce”.

Forum Energy Technologies Stock Down 0.1%

NYSE:FET opened at $46.92 on Friday. Forum Energy Technologies has a twelve month low of $18.12 and a twelve month high of $65.43. The firm has a market capitalization of $530.25 million, a price-to-earnings ratio of -79.53, a price-to-earnings-growth ratio of 2.72 and a beta of 0.54. 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 stock’s 50 day moving average price is $54.16 and its two-hundred day moving average price is $51.35.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The company had revenue of $208.70 million during the quarter, compared to the consensus estimate of $201.30 million. Equities research analysts expect that Forum Energy Technologies will post 2.16 earnings per share for the current fiscal year.

Insider Transactions at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the sale, the senior vice president directly owned 54,139 shares of the company’s stock, valued at $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 7.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Empowered Funds LLC raised its stake in Forum Energy Technologies by 8.8% in the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock valued at $280,000 after acquiring an additional 1,127 shares during the period. Jane Street Group LLC lifted its holdings in Forum Energy Technologies by 53.6% during the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock valued at $402,000 after purchasing an additional 6,971 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Forum Energy Technologies by 204.3% during the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock worth $3,146,000 after purchasing an additional 108,490 shares during the period. Rhumbline Advisers boosted its position in Forum Energy Technologies by 9.4% during the second quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company’s stock worth $403,000 after purchasing an additional 1,781 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Forum Energy Technologies in the second quarter valued at $188,000. 65.60% of the stock is owned by institutional investors and hedge funds.

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.