Forum Energy Technologies (NYSE:FET) Downgraded by Wall Street Zen to Hold

Forum Energy Technologies (NYSE:FET) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

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

Forum Energy Technologies Price Performance

NYSE FET opened at $35.19 on Friday. The company has a market cap of $400.41 million, a PE ratio of -3.72, a P/E/G ratio of 8.19 and a beta of 0.58. The firm’s 50 day moving average price is $29.25 and its 200-day moving average price is $23.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 2.19. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $36.38.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.08. The company had revenue of $196.23 million during the quarter, compared to analyst estimates of $194.35 million. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.

Institutional Trading of Forum Energy Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Keyframe Capital Partners L.P. increased its stake in shares of Forum Energy Technologies by 8.5% in the second quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after acquiring an additional 66,322 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Forum Energy Technologies by 3.7% in the third quarter. Dimensional Fund Advisors LP now owns 591,741 shares of the oil and gas company’s stock valued at $15,806,000 after purchasing an additional 21,033 shares during the last quarter. PenderFund Capital Management Ltd. grew its position in Forum Energy Technologies by 89.7% during the 1st quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company’s stock worth $7,595,000 after purchasing an additional 178,557 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Forum Energy Technologies by 3.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 296,996 shares of the oil and gas company’s stock valued at $7,906,000 after buying an additional 8,917 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Forum Energy Technologies by 62.3% in the third quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after buying an additional 100,720 shares during the last quarter. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Forum Energy Technologies Company Profile

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.