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

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

A number of other analysts have also recently issued reports on FET. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Forum Energy Technologies Stock Down 0.7%

Shares of NYSE FET opened at $56.68 on Monday. The business’s fifty day moving average price is $58.54 and its 200-day moving average price is $47.68. The stock has a market capitalization of $640.48 million, a PE ratio of -96.07, a P/E/G ratio of 3.30 and a beta of 0.60. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. Forum Energy Technologies has a one year low of $14.44 and a one year high of $65.43.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $208.70 million for the quarter, compared to analysts’ expectations 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, equities research analysts anticipate that Forum Energy Technologies will post 2.16 EPS for the current year.

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction dated 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 directly owned 54,139 shares in the company, valued at approximately $3,004,173.11. This represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John C. Ivascu sold 4,392 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares in the company, valued at $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 7.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Forum Energy Technologies by 5.2% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock valued at $300,000 after purchasing an additional 557 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Forum Energy Technologies by 7.0% during the fourth quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock valued at $349,000 after purchasing an additional 618 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Forum Energy Technologies by 5.8% during the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock valued at $385,000 after purchasing an additional 793 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Forum Energy Technologies during the fourth quarter valued at approximately $35,000. Finally, Raymond James Financial Inc. boosted its position 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 purchasing an additional 971 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.