Wall Street Zen Upgrades Forum Energy Technologies (NYSE:FET) to Buy

Forum Energy Technologies (NYSE:FET) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Friday.

A number of other brokerages have also recently issued reports on FET. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Wednesday, October 8th. Zacks Research raised Forum Energy Technologies from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

NYSE:FET opened at $31.40 on Friday. The firm’s fifty day simple moving average is $28.65 and its 200-day simple moving average is $23.38. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The stock has a market cap of $357.27 million, a PE ratio of -3.53, a price-to-earnings-growth ratio of 7.95 and a beta of 0.85. Forum Energy Technologies has a fifty-two week low of $12.78 and a fifty-two week high of $33.06.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.08. The company had revenue of $196.23 million during the quarter, compared to the consensus estimate of $194.35 million. Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%.

Institutional Trading of Forum Energy Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of FET. PenderFund Capital Management Ltd. lifted its holdings in Forum Energy Technologies by 89.7% in the first quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company’s stock valued at $7,595,000 after acquiring an additional 178,557 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Forum Energy Technologies by 204.3% in the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after purchasing an additional 108,490 shares during the period. American Century Companies Inc. lifted its stake in shares of Forum Energy Technologies by 69.4% in the second quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock valued at $4,570,000 after purchasing an additional 96,175 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Forum Energy Technologies during the third quarter worth about $1,961,000. Finally, JB Capital Partners LP acquired a new position in Forum Energy Technologies during the second quarter worth about $1,398,000. 65.60% of the stock is 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.