Forum Energy Technologies (NYSE:FET) Upgraded by Wall Street Zen to Strong-Buy Rating

Wall Street Zen upgraded shares of Forum Energy Technologies (NYSE:FET) from a buy rating to a strong-buy rating in a research note released on Sunday.

Several other equities analysts also recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Forum Energy Technologies has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

Shares of FET opened at $53.83 on Friday. The firm has a market cap of $608.29 million, a price-to-earnings ratio of -91.24, a price-to-earnings-growth ratio of 3.25 and a beta of 0.60. The company’s fifty day moving average is $58.84 and its 200-day moving average is $45.23. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. Forum Energy Technologies has a 12 month low of $14.17 and a 12 month high of $65.43.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. The firm had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. Equities analysts expect that Forum Energy Technologies will post 2.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP John C. Ivascu sold 4,392 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $263,563.92. Following the sale, 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 SEC, which is available at this link. 7.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently modified their holdings of FET. New York State Teachers Retirement System bought a new position in shares of Forum Energy Technologies in the third quarter worth $27,000. Meeder Asset Management Inc. bought a new position in Forum Energy Technologies in the 4th quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Forum Energy Technologies in the 4th quarter valued at about $37,000. Tower Research Capital LLC TRC raised its position in shares of Forum Energy Technologies by 558.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 1,771 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Forum Energy Technologies by 166.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock worth $43,000 after acquiring an additional 1,010 shares during the period. 65.60% of the stock is currently owned by institutional investors and hedge funds.

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.