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

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

A number of other analysts also recently weighed in on FET. Wall Street Zen upgraded Forum Energy Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Down 5.3%

Shares of NYSE FET opened at $58.77 on Tuesday. The company has a 50 day simple moving average of $43.91 and a 200 day simple moving average of $33.80. 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 1 year low of $12.78 and a 1 year high of $63.58. The firm has a market cap of $668.81 million, a PE ratio of -66.03, a price-to-earnings-growth ratio of 5.75 and a beta of 0.64.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.05. The firm had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $190.50 million. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.35%.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC boosted its position in shares of Forum Energy Technologies by 8.8% during the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after purchasing an additional 1,127 shares in the last quarter. Jane Street Group LLC raised its stake in Forum Energy Technologies by 53.6% during the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock worth $402,000 after buying an additional 6,971 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Forum Energy Technologies in the second quarter worth approximately $208,000. Bailard Inc. bought a new position in Forum Energy Technologies in the second quarter worth approximately $255,000. Finally, JPMorgan Chase & Co. grew its stake in Forum Energy Technologies by 204.3% in the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after acquiring an additional 108,490 shares during the period. Institutional investors and hedge funds 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.