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

Key Points

• Wall Street Zen downgraded Forum Energy Technologies from a "strong‑buy" to a "buy," while analyst opinions remain mixed (one Strong Buy, one Sell) giving an average rating of "Moderate Buy."
• The company beat quarterly expectations with EPS of $0.47 (vs. $0.44 est.) and revenue of $208.7M, and the stock is trading near its 52‑week high (opened $58.43; 52‑week high $65.43) with a market cap of about $662M.
• Insider activity included EVP John Ivascu selling 4,392 shares, insiders own 7.7% of the stock, and institutional investors hold roughly 65.6% with several funds recently increasing positions.

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 research report issued to clients and investors on Saturday.

A number of other brokerages have also issued reports on FET. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. Zacks Research raised Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Forum Energy Technologies currently has an average rating of "Moderate Buy".

Forum Energy Technologies Price Performance

Shares of FET stock opened at $58.43 on Friday. Forum Energy Technologies has a 52-week low of $13.55 and a 52-week high of $65.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.01 and a current ratio of 2.17. The firm has a market capitalization of $662.01 million, a P/E ratio of -65.65, a P/E/G ratio of 3.89 and a beta of 0.60. The stock has a 50 day moving average price of $59.00 and a 200 day moving average price of $44.36.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.06% and a negative net margin of 0.78%.The firm had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. As a group, sell-side analysts predict that Forum Energy Technologies will post 2.02 earnings per share for the current year.

Insider Buying and Selling

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $263,563.92. Following the transaction, the executive vice president directly owned 81,599 shares in the company, valued at $4,896,755.99. This trade represents a 5.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 7.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Several large investors have recently modified their holdings of the business. Keyframe Capital Partners L.P. raised its holdings 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 purchasing an additional 66,322 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Forum Energy Technologies by 3.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 591,741 shares of the oil and gas company's stock valued at $15,806,000 after purchasing an additional 21,033 shares in the last quarter. IES Holdings Inc. bought a new stake in shares of Forum Energy Technologies in the 4th quarter valued at about $20,107,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Forum Energy Technologies by 3.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 296,996 shares of the oil and gas company's stock valued at $7,906,000 after purchasing an additional 8,917 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Forum Energy Technologies by 62.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company's stock valued at $7,006,000 after purchasing an additional 100,720 shares in the last quarter. Institutional investors own 65.60% of the company's stock.

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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