Zacks Research Downgrades Forum Energy Technologies (NYSE:FET) to Hold

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

FET has been the subject of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. Wall Street Zen raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

FET opened at $58.77 on Tuesday. The company has a market cap of $668.81 million, a price-to-earnings ratio of -66.03, a PEG ratio of 5.75 and a beta of 0.64. The company’s fifty day moving average price is $43.91 and its two-hundred day moving average price is $33.80. Forum Energy Technologies has a 1-year low of $12.78 and a 1-year high of $63.58. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47.

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

Hedge Funds Weigh In On Forum Energy Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Empowered Funds LLC grew its holdings in shares of Forum Energy Technologies by 8.8% in the first quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock valued at $280,000 after acquiring an additional 1,127 shares in the last quarter. Jane Street Group LLC lifted its holdings in Forum Energy Technologies by 53.6% during the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock worth $402,000 after acquiring an additional 6,971 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Forum Energy Technologies in the second quarter worth $208,000. Bailard Inc. purchased a new position in Forum Energy Technologies in the second quarter worth $255,000. Finally, JPMorgan Chase & Co. grew its stake in Forum Energy Technologies by 204.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after purchasing an additional 108,490 shares during the period. Hedge funds and other institutional investors 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.