Forum Energy Technologies (NYSE:FET) Stock Rating Upgraded by Wall Street Zen

Forum Energy Technologies (NYSE:FET) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

A number of other equities research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Forum Energy Technologies Price Performance

Shares of FET stock opened at $57.22 on Friday. The firm has a market cap of $644.30 million, a price-to-earnings ratio of -64.29, a PEG ratio of 5.34 and a beta of 0.54. Forum Energy Technologies has a 12 month low of $12.78 and a 12 month high of $63.58. The company has a quick ratio of 1.01, a current ratio of 2.17 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $46.99 and a 200 day moving average price of $35.44.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. The company had revenue of $202.20 million for the quarter, compared to the consensus estimate of $190.50 million. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%.

Insider Transactions at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 4,392 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $263,563.92. Following the completion of the transaction, the executive vice president directly owned 81,599 shares in the company, valued at approximately $4,896,755.99. The trade was a 5.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.90% of the company’s stock.

Institutional Trading of Forum Energy Technologies

A number of hedge funds have recently modified their holdings of the company. Invesco Ltd. grew its holdings in Forum Energy Technologies by 461.5% during the fourth quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock valued at $3,703,000 after purchasing an additional 82,363 shares during the period. Mackenzie Financial Corp increased its stake in Forum Energy Technologies by 17.3% in the fourth quarter. Mackenzie Financial Corp now owns 57,907 shares of the oil and gas company’s stock valued at $2,161,000 after purchasing an additional 8,539 shares in the last quarter. Empowered Funds LLC raised its holdings in Forum Energy Technologies by 81.8% in the fourth quarter. Empowered Funds LLC now owns 60,254 shares of the oil and gas company’s stock worth $2,226,000 after purchasing an additional 27,118 shares during the period. Quadrature Capital Ltd raised its holdings in Forum Energy Technologies by 18.9% in the fourth quarter. Quadrature Capital Ltd now owns 12,527 shares of the oil and gas company’s stock worth $463,000 after purchasing an additional 1,989 shares during the period. Finally, Millennium Management LLC bought a new position in shares of Forum Energy Technologies during the fourth quarter worth $3,041,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

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.