Forum Energy Technologies (NYSE:FET) Cut to Hold at Wall Street Zen
by Tristan Rich · The Markets DailyWall Street Zen cut shares of Forum Energy Technologies (NYSE:FET – Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.
A number of other research firms have also weighed in on FET. Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.
Check Out Our Latest Research Report on FET
Forum Energy Technologies Stock Performance
FET opened at $41.90 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 2.19. The company has a market cap of $476.82 million, a PE ratio of -4.43, a price-to-earnings-growth ratio of 3.20 and a beta of 0.59. The stock has a 50-day moving average of $35.06 and a 200-day moving average of $28.41. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $42.03.
Forum Energy Technologies (NYSE:FET – Get Free Report) last announced its earnings results on Friday, October 31st. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.08. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.The firm had revenue of $196.23 million during the quarter, compared to analysts’ expectations of $194.35 million.
Institutional Investors Weigh In On Forum Energy Technologies
Large investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised 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 buying an additional 557 shares in the last quarter. Bailard Inc. grew its holdings in shares of Forum Energy Technologies by 5.3% in the 3rd 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 during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Forum Energy Technologies by 5.8% in the 3rd 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 during the last quarter. Raymond James Financial Inc. lifted its holdings in Forum Energy Technologies by 10.1% during the 3rd quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after purchasing an additional 971 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in Forum Energy Technologies by 166.7% in the third quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 1,010 shares in the last quarter. 65.60% of the stock is currently 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.