Forum Energy Technologies (NYSE:FET) Upgraded at Wall Street Zen

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

A number of other research analysts also recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce”.

Forum Energy Technologies Price Performance

Shares of NYSE:FET opened at $74.07 on Friday. Forum Energy Technologies has a twelve month low of $18.12 and a twelve month high of $74.77. The company’s 50 day moving average is $52.59 and its 200 day moving average is $54.12. The company has a current ratio of 2.19, a quick ratio of 1.09 and a debt-to-equity ratio of 0.49. The company has a market cap of $833.31 million, a PE ratio of -493.78, a price-to-earnings-growth ratio of 4.07 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.60. The company had revenue of $226.22 million during the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. On average, sell-side analysts forecast that Forum Energy Technologies will post 2.16 EPS for the current year.

Insider Activity at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 5,000 shares of Forum Energy Technologies stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the transaction, the executive vice president directly owned 85,512 shares of the company’s stock, valued at $6,039,712.56. The trade was a 5.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the transaction, the senior vice president owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 7.70% of the company’s stock.

Institutional Trading of Forum Energy Technologies

Hedge funds have recently added to or reduced their stakes in the company. IES Holdings Inc. purchased a new position in Forum Energy Technologies in the fourth quarter valued at $20,107,000. AQR Capital Management LLC boosted its stake in shares of Forum Energy Technologies by 1,327.5% during the 4th quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock worth $5,402,000 after acquiring an additional 135,961 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Forum Energy Technologies during the 1st quarter worth about $7,682,000. JPMorgan Chase & Co. grew its position in shares of Forum Energy Technologies by 204.3% during 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 acquiring an additional 108,490 shares during the period. Finally, Invesco Ltd. grew its position in shares of Forum Energy Technologies by 461.5% during the 4th quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock valued at $3,703,000 after acquiring an additional 82,363 shares during the period. 65.60% of the stock is owned by hedge funds and other institutional investors.

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.