Forum Energy Technologies (NYSE:FET) Shares Gap Up After Better-Than-Expected Earnings

Shares of Forum Energy Technologies, Inc. (NYSE:FET) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $53.03, but opened at $55.21. Forum Energy Technologies shares last traded at $56.5520, with a volume of 69,462 shares trading hands.

The oil and gas company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. The business had revenue of $202.20 million during the quarter, compared to the consensus estimate of $190.50 million. Forum Energy Technologies had a negative net margin of 14.58% and a negative return on equity of 1.07%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Forum Energy Technologies

Several institutional investors have recently made changes to their positions in FET. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Forum Energy Technologies by 5.2% during the 3rd 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 during the last quarter. Russell Investments Group Ltd. lifted 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 acquiring an additional 618 shares during the last quarter. Bailard Inc. boosted its holdings in Forum Energy Technologies by 5.3% during the 3rd quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company’s stock valued at $369,000 after acquiring an additional 700 shares during the period. Victory Capital Management Inc. increased its stake in 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 purchasing an additional 793 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Forum Energy Technologies during the fourth quarter valued at $35,000. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Stock Performance

The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $648.55 million, a PE ratio of -6.03, a PEG ratio of 3.96 and a beta of 0.64. The firm’s 50-day simple moving average is $41.93 and its 200-day simple moving average is $32.59.

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.