Forum Energy Technologies (NYSE:FET) Downgraded by Zacks Investment Research to “Hold”

Forum Energy Technologies (NYSE:FET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

According to Zacks, “Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs and manufactures products, and engages in aftermarket services, parts supply and related services that complement the Company’s product offering. “

FET has been the subject of several other reports. ValuEngine raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a report on Friday, January 3rd. Barclays reaffirmed a “hold” rating and set a $1.75 price objective on shares of Forum Energy Technologies in a report on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Forum Energy Technologies currently has an average rating of “Hold” and an average target price of $2.56.

Shares of NYSE FET traded down $0.12 during trading hours on Friday, hitting $1.02. 674,614 shares of the stock were exchanged, compared to its average volume of 702,046. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.09 and a quick ratio of 1.11. The company’s 50 day moving average is $1.40 and its 200 day moving average is $1.48. The firm has a market capitalization of $125.93 million, a P/E ratio of -0.12 and a beta of 2.55. Forum Energy Technologies has a one year low of $0.88 and a one year high of $6.78.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Wednesday, February 12th. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). The firm had revenue of $199.80 million for the quarter, compared to the consensus estimate of $215.96 million. Forum Energy Technologies had a negative return on equity of 0.34% and a negative net margin of 91.13%. Research analysts anticipate that Forum Energy Technologies will post -0.19 earnings per share for the current fiscal year.

In related news, CEO C Christopher Gaut purchased 312,500 shares of Forum Energy Technologies stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $1.28 per share, with a total value of $400,000.00. Following the acquisition, the chief executive officer now directly owns 2,127,833 shares in the company, valued at $2,723,626.24. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew L. Waite purchased 585,938 shares of Forum Energy Technologies stock in a transaction on Monday, November 25th. The stock was bought at an average cost of $1.28 per share, with a total value of $750,000.64. Following the completion of the acquisition, the director now owns 656,150 shares in the company, valued at $839,872. The disclosure for this purchase can be found here. 28.50% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of FET. Bank of America Corp DE boosted its position in shares of Forum Energy Technologies by 2.3% during the 2nd quarter. Bank of America Corp DE now owns 370,005 shares of the oil and gas company’s stock valued at $1,266,000 after acquiring an additional 8,305 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Forum Energy Technologies by 77.8% during the 3rd quarter. SG Americas Securities LLC now owns 25,896 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 11,332 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Forum Energy Technologies by 6.8% during the 3rd quarter. Rhumbline Advisers now owns 180,513 shares of the oil and gas company’s stock valued at $280,000 after acquiring an additional 11,464 shares in the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Forum Energy Technologies by 34.5% during the 3rd quarter. Gamco Investors INC. ET AL now owns 56,864 shares of the oil and gas company’s stock valued at $88,000 after acquiring an additional 14,600 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in shares of Forum Energy Technologies during the 4th quarter valued at about $25,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.

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