Forum Energy Technologies (NYSE:FET) Stock Rating Lowered by Zacks Research

Forum Energy Technologies (NYSE:FET) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

FET has been the topic of a number of other reports. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

Shares of FET opened at $56.68 on Monday. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The business has a 50-day simple moving average of $58.54 and a two-hundred day simple moving average of $47.68. The stock has a market cap of $640.48 million, a price-to-earnings ratio of -96.07, a PEG ratio of 3.30 and a beta of 0.60. Forum Energy Technologies has a 52 week low of $14.44 and a 52 week 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 (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $208.70 million during the quarter, compared to analysts’ expectations of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. On average, analysts expect that Forum Energy Technologies will post 2.16 EPS for the current year.

Insider Activity

In other news, EVP John C. Ivascu sold 4,392 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $60.01, for a total transaction of $263,563.92. Following the sale, the executive vice president directly owned 81,599 shares in the company, valued at approximately $4,896,755.99. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the sale, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 7.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Several institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Forum Energy Technologies by 5.2% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock valued at $300,000 after purchasing an additional 557 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Forum Energy Technologies by 7.0% in the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock valued at $349,000 after purchasing an additional 618 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Forum Energy Technologies by 5.8% in the 3rd quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock valued at $385,000 after purchasing an additional 793 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Forum Energy Technologies in the 4th quarter valued at approximately $35,000. Finally, Raymond James Financial Inc. lifted its stake in shares of Forum Energy Technologies by 10.1% in the 3rd quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after purchasing an additional 971 shares during the last quarter. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

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.