Wall Street Zen Upgrades Forum Energy Technologies (NYSE:FET) to “Strong-Buy”

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

Several other analysts have also issued reports on the stock. Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Forum Energy Technologies currently has an average rating of “Reduce”.

Forum Energy Technologies Trading Down 0.8%

Shares of NYSE:FET opened at $57.22 on Friday. The business’s 50 day moving average price is $46.99 and its 200-day moving average price is $35.62. Forum Energy Technologies has a 1 year low of $12.78 and a 1 year high of $63.58. The firm has a market capitalization of $644.30 million, a price-to-earnings ratio of -64.29, a price-to-earnings-growth ratio of 5.29 and a beta of 0.54. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.36 by $0.05. The company had revenue of $202.20 million during the quarter, compared to analyst estimates 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 Activity

In related news, EVP John C. Ivascu sold 4,392 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $263,563.92. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Forum Energy Technologies by 5.2% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock worth $300,000 after acquiring an additional 557 shares during the last quarter. Russell Investments Group Ltd. raised its position in Forum Energy Technologies by 7.0% in the fourth quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock valued at $349,000 after purchasing an additional 618 shares during the period. Bailard Inc. lifted its stake in Forum Energy Technologies by 5.3% during the third quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company’s stock worth $369,000 after purchasing an additional 700 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Forum Energy Technologies by 5.8% during the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock worth $385,000 after purchasing an additional 793 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Forum Energy Technologies during the fourth quarter worth $35,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Company Profile

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.