Forum Energy Technologies (NYSE:FET) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Forum Energy Technologies (NYSE:FET – Get 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:FET – Get 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

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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.