Forum Energy Technologies (NYSE:FET) Upgraded to Buy at upgraded shares of Forum Energy Technologies (NYSE:FETGet Rating) from a hold rating to a buy rating in a research note issued to investors on Monday.

Forum Energy Technologies Stock Performance

Shares of Forum Energy Technologies stock opened at $30.79 on Monday. The company has a market capitalization of $176.43 million, a PE ratio of -35.39 and a beta of 2.84. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.16 and a current ratio of 2.44. The company has a 50-day simple moving average of $30.73 and a two-hundred day simple moving average of $28.02. Forum Energy Technologies has a one year low of $16.78 and a one year high of $33.84.

Forum Energy Technologies (NYSE:FETGet Rating) last announced its earnings results on Monday, February 20th. The oil and gas company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.08). The firm had revenue of $190.70 million during the quarter. Forum Energy Technologies had a negative return on equity of 6.36% and a net margin of 0.54%.

Insider Activity

In related news, Director Michael Mcshane acquired 2,500 shares of the business’s stock in a transaction dated Monday, December 19th. The shares were purchased at an average price of $29.83 per share, for a total transaction of $74,575.00. Following the completion of the acquisition, the director now directly owns 8,436 shares in the company, valued at approximately $251,645.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 11.00% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Several hedge funds have recently modified their holdings of FET. Tejara Capital Ltd acquired a new position in shares of Forum Energy Technologies during the fourth quarter valued at about $4,191,000. Vanguard Group Inc. increased its holdings in shares of Forum Energy Technologies by 37.4% during the third quarter. Vanguard Group Inc. now owns 262,651 shares of the oil and gas company’s stock valued at $5,579,000 after acquiring an additional 71,558 shares in the last quarter. SailingStone Capital Partners LLC acquired a new position in shares of Forum Energy Technologies during the fourth quarter valued at about $1,273,000. Renaissance Technologies LLC boosted its position in Forum Energy Technologies by 191.6% in the fourth quarter. Renaissance Technologies LLC now owns 53,354 shares of the oil and gas company’s stock valued at $1,574,000 after buying an additional 35,054 shares during the last quarter. Finally, Virginia Wealth Management Group Inc. purchased a new stake in Forum Energy Technologies in the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 37.41% of the company’s stock.

About Forum Energy Technologies

(Get Rating)

Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry. The firm 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, downhole, and subsea markets, as well as other markets, such as alternative energy, defense, and communications.

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