Forum Energy Technologies' (FET) Sell (D-) Rating Reiterated at Weiss Ratings

Key Points

• Weiss Ratings has reiterated a "sell (D-)" rating for Forum Energy Technologies (NYSE:FET), indicating ongoing concerns about the company's performance.
• Forum Energy Technologies recently reported a quarterly loss, with earnings per share at ($0.10), missing expectations, while revenue exceeded estimates at $199.80 million.
• Despite the negative ratings, shares of Forum Energy Technologies rose by 2.3%, reflecting some investor optimism despite the financial challenges.

Forum Energy Technologies (NYSE:FET - Get Free Report)'s stock had its "sell (d-)" rating reiterated by research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Zacks Research downgraded shares of Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell".

Forum Energy Technologies Stock Up 2.3%

Shares of NYSE FET opened at $26.43 on Wednesday. The company's 50-day simple moving average is $24.84 and its 200-day simple moving average is $19.89. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The firm has a market cap of $314.52 million, a price-to-earnings ratio of -2.97, a price-to-earnings-growth ratio of 6.40 and a beta of 0.89. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $28.78.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.25). The business had revenue of $199.80 million during the quarter, compared to analysts' expectations of $190.50 million. Forum Energy Technologies had a negative return on equity of 2.51% and a negative net margin of 13.65%.

Hedge Funds Weigh In On Forum Energy Technologies

A number of institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. purchased a new position in Forum Energy Technologies during the second quarter worth about $78,000. Tower Research Capital LLC TRC raised its stake in shares of Forum Energy Technologies by 558.7% in the 2nd 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 during the period. Man Group plc raised its stake in shares of Forum Energy Technologies by 12.0% in the 2nd quarter. Man Group plc now owns 13,275 shares of the oil and gas company's stock valued at $258,000 after acquiring an additional 1,426 shares during the period. Bridgeway Capital Management LLC raised its stake in shares of Forum Energy Technologies by 27.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 88,572 shares of the oil and gas company's stock valued at $1,724,000 after acquiring an additional 19,114 shares during the period. Finally, Keyframe Capital Partners L.P. raised its stake in shares of Forum Energy Technologies by 8.5% in the 2nd quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company's stock valued at $16,521,000 after acquiring an additional 66,322 shares during the period. 65.60% of the stock is owned by hedge funds and other institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.

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