Forum Energy Technologies (NYSE:FET) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Forum Energy Technologies (NYSE:FET) from a buy rating to a hold rating in a research note issued to investors on Saturday.

FET has been the topic of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Wednesday, October 8th. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Up 2.7%

Shares of NYSE FET opened at $41.90 on Friday. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $42.03. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 2.19. The business has a fifty day moving average of $34.81 and a two-hundred day moving average of $28.19. The stock has a market cap of $476.82 million, a PE ratio of -4.43, a PEG ratio of 3.20 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Friday, October 31st. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.08. The business had revenue of $196.23 million during the quarter, compared to analysts’ expectations of $194.35 million. Forum Energy Technologies had a negative net margin of 14.58% and a negative return on equity of 1.07%.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC grew its stake in Forum Energy Technologies by 82.9% in the first quarter. Voya Investment Management LLC now owns 31,768 shares of the oil and gas company’s stock valued at $639,000 after acquiring an additional 14,396 shares during the period. American Century Companies Inc. grew its position in shares of Forum Energy Technologies by 69.4% in the 2nd quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock valued at $4,570,000 after purchasing an additional 96,175 shares during the period. JB Capital Partners LP bought a new stake in Forum Energy Technologies during the 2nd quarter worth approximately $1,398,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Forum Energy Technologies during the 2nd quarter worth approximately $208,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Forum Energy Technologies by 3.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 288,079 shares of the oil and gas company’s stock worth $5,548,000 after buying an additional 9,748 shares during the period. 65.60% of the stock is 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.