Forum Energy Technologies (NYSE:FET) Lowered to Hold Rating by Zacks Research

Forum Energy Technologies (NYSE:FET) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities research analysts have also commented on the company. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Forum Energy Technologies has a consensus rating of “Reduce”.

Forum Energy Technologies Trading Down 0.7%

NYSE FET opened at $56.68 on Monday. The firm has a market capitalization of $640.48 million, a P/E ratio of -96.07, a PEG ratio of 3.30 and a beta of 0.60. The business has a fifty day simple moving average of $58.54 and a 200 day simple moving average of $47.68. Forum Energy Technologies has a 12 month low of $14.44 and a 12 month high of $65.43. 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 (NYSE:FET) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. On average, analysts predict that Forum Energy Technologies will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total value of $263,563.92. Following the completion of the transaction, the executive vice president owned 81,599 shares in the company, valued at $4,896,755.99. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the transaction, the senior vice president owned 54,139 shares of the company’s stock, valued at $3,004,173.11. This trade represents a 5.25% decrease in their position. The SEC filing for this sale provides additional information. 7.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. JB Capital Partners LP lifted its position in shares of Forum Energy Technologies by 68.2% during the 3rd quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company’s stock valued at $3,227,000 after buying an additional 49,000 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Forum Energy Technologies by 62.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock valued at $7,006,000 after buying an additional 100,720 shares during the last quarter. Ritholtz Wealth Management purchased a new position in shares of Forum Energy Technologies during the 4th quarter valued at $1,196,000. Strs Ohio lifted its position in shares of Forum Energy Technologies by 468.4% during the 3rd quarter. Strs Ohio now owns 21,600 shares of the oil and gas company’s stock valued at $577,000 after buying an additional 17,800 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Forum Energy Technologies during the 3rd quarter valued at $182,000. Hedge funds and other 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.