Forum Energy Technologies (NYSE:FET) Releases Earnings Results, Beats Expectations By $0.05 EPS

Forum Energy Technologies (NYSE:FET) released its quarterly earnings results on Thursday. The oil and gas company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05, Zacks reports. Forum Energy Technologies had a negative net margin of 14.58% and a negative return on equity of 1.07%.

Forum Energy Technologies Stock Performance

Shares of FET stock traded up $0.81 during mid-day trading on Thursday, hitting $52.89. The stock had a trading volume of 399,128 shares, compared to its average volume of 211,350. The firm has a market cap of $601.89 million, a PE ratio of -5.60, a PEG ratio of 3.84 and a beta of 0.64. The company’s 50-day simple moving average is $41.58 and its 200-day simple moving average is $32.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.01. Forum Energy Technologies has a fifty-two week low of $12.78 and a fifty-two week high of $53.50.

Institutional Trading of Forum Energy Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its stake in shares of Forum Energy Technologies by 7.0% during the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock worth $349,000 after purchasing an additional 618 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock worth $385,000 after acquiring an additional 793 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Forum Energy Technologies in the fourth quarter valued at $35,000. Raymond James Financial Inc. boosted its stake in shares of Forum Energy Technologies by 10.1% during the third quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after acquiring an additional 971 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Forum Energy Technologies during the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 65.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on FET. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Finally, Wall Street Zen lowered shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

About Forum Energy Technologies

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.