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

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

A number of other research firms also recently commented on FET. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Zacks Research cut shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Forum Energy Technologies has a consensus rating of “Reduce”.

Forum Energy Technologies Price Performance

FET opened at $70.58 on Friday. The stock has a market cap of $797.88 million, a price-to-earnings ratio of -470.53, a PEG ratio of 3.63 and a beta of 0.54. Forum Energy Technologies has a 1 year low of $18.12 and a 1 year high of $71.73. The company has a current ratio of 2.23, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average price of $52.24 and a 200 day moving average price of $53.88.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.60. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%.The firm had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. Analysts forecast that Forum Energy Technologies will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the sale, the senior vice president owned 54,139 shares of the company’s stock, valued at $3,004,173.11. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FET. Ritholtz Wealth Management bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at approximately $1,196,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Forum Energy Technologies by 66.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock worth $8,940,000 after buying an additional 60,711 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Forum Energy Technologies in the 1st quarter valued at $7,682,000. Independent Financial Group LLC bought a new position in Forum Energy Technologies in the 1st quarter worth $1,746,000. Finally, Walleye Capital LLC acquired a new position in Forum Energy Technologies during the 1st quarter worth $1,632,000. 65.60% of the stock is owned by 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.