Forum Energy Technologies (NYSE:FET) Stock Rating Lowered by Wall Street Zen

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

A number of other analysts have also issued reports on FET. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Forum Energy Technologies currently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Up 0.6%

Shares of Forum Energy Technologies stock opened at $57.91 on Friday. The stock has a 50-day moving average price of $52.23 and a 200 day moving average price of $53.02. The company has a market cap of $654.44 million, a P/E ratio of -98.16, a P/E/G ratio of 3.33 and a beta of 0.54. The company has a current ratio of 2.23, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54. Forum Energy Technologies has a 1 year low of $18.12 and a 1 year high of $65.43.

Forum Energy Technologies (NYSE:FET) last announced 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 positive return on equity of 4.15% and a negative net margin of 0.78%.The firm had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. As a group, analysts expect 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 stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the transaction, the senior vice president directly owned 54,139 shares of the company’s stock, valued at $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 7.70% of the company’s stock.

Institutional Trading of Forum Energy Technologies

Large investors have recently made changes to their positions in the stock. IES Holdings Inc. acquired a new position in shares of Forum Energy Technologies during the 4th quarter valued at about $20,107,000. AQR Capital Management LLC raised its stake in shares of Forum Energy Technologies by 1,327.5% in the 4th quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock valued at $5,402,000 after acquiring an additional 135,961 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Forum Energy Technologies in the 1st quarter worth approximately $7,682,000. JPMorgan Chase & Co. lifted its holdings in 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 worth $3,146,000 after purchasing an additional 108,490 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Forum Energy Technologies by 461.5% during the fourth quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock worth $3,703,000 after purchasing an additional 82,363 shares during the period. 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.