Forum Energy Technologies (NYSE:FET) Stock Rating Lowered by StockNews.com

Forum Energy Technologies (NYSE:FET) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

Forum Energy Technologies Stock Up 1.5 %

NYSE:FET opened at $17.52 on Thursday. The company has a market capitalization of $215.15 million, a price-to-earnings ratio of -1.60 and a beta of 2.38. Forum Energy Technologies has a one year low of $12.83 and a one year high of $20.54. The stock has a 50-day simple moving average of $17.84 and a 200 day simple moving average of $16.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.87 and a current ratio of 1.93.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.58). The firm had revenue of $201.00 million during the quarter, compared to analyst estimates of $201.85 million. Forum Energy Technologies had a negative return on equity of 2.39% and a negative net margin of 16.57%.

Insider Buying and Selling

In other Forum Energy Technologies news, Director Louis Raspino sold 4,950 shares of Forum Energy Technologies stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $15.41, for a total value of $76,279.50. Following the completion of the transaction, the director now directly owns 16,121 shares in the company, valued at $248,424.61. The trade was a 23.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its stake in Forum Energy Technologies by 63.7% in the fourth quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 859 shares during the period. Tower Research Capital LLC TRC boosted its stake in Forum Energy Technologies by 126.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 1,319 shares during the period. Hsbc Holdings PLC boosted its stake in Forum Energy Technologies by 7.5% in the fourth quarter. Hsbc Holdings PLC now owns 26,722 shares of the oil and gas company’s stock valued at $408,000 after acquiring an additional 1,862 shares during the period. Barclays PLC raised its holdings in shares of Forum Energy Technologies by 7.7% during the fourth quarter. Barclays PLC now owns 29,851 shares of the oil and gas company’s stock valued at $462,000 after buying an additional 2,137 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Forum Energy Technologies by 41.7% during the fourth quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 2,479 shares during the last quarter. 65.60% of the stock is currently owned by institutional investors and hedge funds.

About Forum Energy Technologies

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.