Forum Energy Technologies (NYSE:FET) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Forum Energy Technologies (NYSE:FET) from a strong-buy rating to a buy rating in a report published on Saturday morning.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a 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 note on Monday, May 25th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Forum Energy Technologies presently has an average rating of “Reduce”.

Forum Energy Technologies Stock Performance

Shares of FET stock opened at $56.78 on Friday. The company has a market capitalization of $641.64 million, a P/E ratio of -96.24, a PEG ratio of 3.35 and a beta of 0.54. Forum Energy Technologies has a fifty-two week low of $18.12 and a fifty-two week high of $65.43. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. The stock has a 50 day moving average price of $52.21 and a two-hundred day moving average price of $53.24.

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

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the company’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 transaction of $166,470.00. Following the transaction, the senior vice president owned 54,139 shares in the company, valued at approximately $3,004,173.11. This represents a 5.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds have recently made changes to their positions in the company. Keyframe Capital Partners L.P. grew its stake in Forum Energy Technologies by 8.5% in the second quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after purchasing an additional 66,322 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Forum Energy Technologies by 5.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 626,938 shares of the oil and gas company’s stock valued at $36,775,000 after buying an additional 33,802 shares in the last quarter. IES Holdings Inc. purchased a new stake in shares of Forum Energy Technologies in the 4th quarter worth about $20,107,000. JPMorgan Chase & Co. grew its position in shares of Forum Energy Technologies by 62.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after buying an additional 100,720 shares during the period. Finally, State Street Corp increased its stake in shares of Forum Energy Technologies by 5.3% in the 4th quarter. State Street Corp now owns 243,682 shares of the oil and gas company’s stock worth $9,004,000 after acquiring an additional 12,257 shares in the last quarter. 65.60% of the stock is currently owned by institutional investors.

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.