Forum Energy Technologies (NYSE:FET) Cut to Buy at Wall Street Zen

Key Points

• Forum Energy Technologies (NYSE:FET) was downgraded by Wall Street Zen from strong-buy to buy, adding to a generally cautious analyst tone. MarketBeat notes the stock now has a consensus rating of “Reduce” after other firms also lowered their views.
• The company recently beat earnings expectations, reporting $0.47 EPS versus the $0.44 forecast and revenue of $208.7 million, above estimates. Analysts still expect Forum Energy Technologies to earn 2.16 EPS for the current fiscal year.
• Shares closed around $57.91, near the upper end of their 52-week range of $18.12 to $65.43, with a market cap of about $654.4 million. Insider activity included a senior vice president selling 3,000 shares in May, while institutional investors continue to hold a majority of the stock.

Forum Energy Technologies (NYSE:FET - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

Other equities analysts have also issued reports about the company. Zacks Research lowered Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce".

Forum Energy Technologies Stock Performance

Shares of FET opened at $57.91 on Friday. The firm has a market capitalization of $654.44 million, a PE ratio of -98.16, a P/E/G ratio of 3.33 and a beta of 0.54. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $52.23 and a 200 day moving average price of $53.02. Forum Energy Technologies has a 52-week low of $18.12 and a 52-week high of $65.43.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.03. The company had revenue of $208.70 million for the quarter, compared to the consensus estimate 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 earnings per share for the current fiscal year.

Insider Buying and Selling at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies 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 transaction, the senior vice president owned 54,139 shares of the company's stock, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in shares of Forum Energy Technologies in the fourth quarter worth approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Forum Energy Technologies in the 4th quarter valued at approximately $37,000. Tower Research Capital LLC TRC lifted its position 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 in the last quarter. Kemnay Advisory Services Inc. acquired a new position in Forum Energy Technologies in the 4th quarter worth approximately $75,000. Finally, Osaic Holdings Inc. acquired a new position in Forum Energy Technologies in the 2nd quarter worth approximately $78,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

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.

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