Forum Energy Technologies (NYSE:FET) Downgraded to Hold Rating by Zacks Research
by Renee Jackson · The Cerbat GemZacks Research cut shares of Forum Energy Technologies (NYSE:FET – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.
Several other equities analysts have also issued reports on the stock. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce”.
Check Out Our Latest Stock Report on Forum Energy Technologies
Forum Energy Technologies Stock Performance
Shares of FET stock opened at $56.68 on Monday. The firm has a market cap of $640.48 million, a price-to-earnings ratio of -96.07, a PEG ratio of 3.30 and a beta of 0.60. The company’s 50 day moving average is $58.54 and its 200 day moving average is $47.68. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. Forum Energy Technologies has a 52-week low of $14.44 and a 52-week high of $65.43.
Forum Energy Technologies (NYSE:FET – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. On average, sell-side analysts anticipate that Forum Energy Technologies will post 2.16 EPS for the current fiscal year.
Insider Activity at Forum Energy Technologies
In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 directly owned 54,139 shares in the company, valued at $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John C. Ivascu sold 4,392 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total transaction of $263,563.92. Following the completion of the sale, the executive vice president owned 81,599 shares of the company’s stock, valued at approximately $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 7.70% of the stock is owned by company insiders.
Institutional Investors Weigh In On Forum Energy Technologies
Institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. acquired a new stake in Forum Energy Technologies in the fourth quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies in the fourth quarter valued at approximately $37,000. Tower Research Capital LLC TRC boosted its stake in Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares in the last quarter. Federated Hermes Inc. boosted its stake 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 acquiring an additional 1,010 shares in the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new stake in Forum Energy Technologies in the fourth quarter valued at approximately $75,000. 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.