StockNews.com Downgrades Forum Energy Technologies (NYSE:FET) to Hold

Forum Energy Technologies (NYSE:FETGet Rating) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

Forum Energy Technologies Price Performance

FET traded up $0.84 on Thursday, reaching $29.66. The stock had a trading volume of 22,608 shares, compared to its average volume of 19,580. Forum Energy Technologies has a fifty-two week low of $14.71 and a fifty-two week high of $30.99. The firm has a 50-day moving average of $25.04 and a 200-day moving average of $23.50. The company has a current ratio of 2.43, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $169.95 million, a price-to-earnings ratio of -14.06 and a beta of 2.97.

Institutional Investors Weigh In On Forum Energy Technologies

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in shares of Forum Energy Technologies by 7.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 171,642 shares of the oil and gas company’s stock valued at $3,646,000 after buying an additional 12,115 shares during the last quarter. Two Sigma Investments LP grew its position in shares of Forum Energy Technologies by 32.6% in the 3rd quarter. Two Sigma Investments LP now owns 27,875 shares of the oil and gas company’s stock valued at $592,000 after buying an additional 6,856 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Forum Energy Technologies by 25.3% in the 1st quarter. Bank of New York Mellon Corp now owns 22,173 shares of the oil and gas company’s stock valued at $507,000 after buying an additional 4,480 shares during the last quarter. State Street Corp grew its position in shares of Forum Energy Technologies by 6.8% in the 1st quarter. State Street Corp now owns 15,996 shares of the oil and gas company’s stock valued at $366,000 after buying an additional 1,022 shares during the last quarter. Finally, Citadel Advisors LLC bought a new stake in shares of Forum Energy Technologies in the 2nd quarter valued at about $281,000. Institutional investors own 46.51% of the company’s stock.

About Forum Energy Technologies

(Get Rating)

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 markets, including applications in oil and natural gas, renewable energy, defense, and communications.

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