Forum Energy Technologies (NYSE:FET) Releases Earnings Results

Forum Energy Technologies (NYSE:FET) issued its 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 return on equity of 1.07% and a negative net margin of 14.58%.

Forum Energy Technologies Stock Up 1.6%

Shares of NYSE:FET traded up $0.81 during midday trading on Thursday, reaching $52.89. The company had a trading volume of 399,128 shares, compared to its average volume of 211,350. The stock has a market capitalization of $601.89 million, a P/E ratio of -5.60, a PEG ratio of 3.84 and a beta of 0.64. The stock’s fifty day moving average price is $41.58 and its 200-day moving average price 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 one year low of $12.78 and a one year high of $53.50.

Wall Street Analyst Weigh In

FET has been the subject of a number of analyst reports. Wall Street Zen cut Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Forum Energy Technologies has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors have recently modified their holdings of the stock. Keyframe Capital Partners L.P. grew its stake in Forum Energy Technologies by 8.5% in the second quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after purchasing an additional 66,322 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Forum Energy Technologies by 3.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 591,741 shares of the oil and gas company’s stock worth $15,806,000 after buying an additional 21,033 shares during the last quarter. IES Holdings Inc. bought a new position in Forum Energy Technologies during the 4th quarter worth approximately $20,107,000. JPMorgan Chase & Co. grew its position in shares of Forum Energy Technologies by 62.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after acquiring an additional 100,720 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Forum Energy Technologies by 5.3% in the 4th quarter. State Street Corp now owns 243,682 shares of the oil and gas company’s stock valued at $9,004,000 after acquiring an additional 12,257 shares during the last quarter. 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.