Forum Energy Technologies (NYSE:FET) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Forum Energy Technologies from “buy” to “strong-buy,” adding to a mixed but generally positive analyst picture that now includes a consensus rating of Moderate Buy.
• The company reported better-than-expected quarterly results, posting EPS of $0.47 versus the $0.44 estimate and revenue of $208.7 million versus $201.3 million expected.
• Forum Energy Technologies shares were down 1.1% in Friday trading despite the upgrade, while recent insider and institutional activity showed mixed ownership moves, including an EVP share sale and heavier hedge fund buying.

Forum Energy Technologies (NYSE:FET - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Sunday.

Other analysts also recently issued research reports about the stock. Zacks Research upgraded shares of Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

Forum Energy Technologies Trading Down 1.1%

FET opened at $53.83 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.01 and a current ratio of 2.23. Forum Energy Technologies has a one year low of $14.17 and a one year high of $65.43. The company has a market cap of $608.29 million, a P/E ratio of -91.24, a PEG ratio of 3.25 and a beta of 0.60. The business's 50-day simple moving average is $58.84 and its 200-day simple moving average is $45.23.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $208.70 million during the quarter, compared to analysts' expectations of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. As a group, equities research analysts expect that Forum Energy Technologies will post 2.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of Forum Energy Technologies stock in a transaction that occurred 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 owned 81,599 shares of the company's stock, valued at $4,896,755.99. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 7.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Hedge funds have recently modified their holdings of the business. JB Capital Partners LP raised its position in Forum Energy Technologies by 68.2% in the 3rd quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company's stock valued at $3,227,000 after purchasing an additional 49,000 shares during the last quarter. JPMorgan Chase & Co. grew its position in Forum Energy Technologies by 62.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company's stock worth $7,006,000 after purchasing an additional 100,720 shares during the last quarter. Ritholtz Wealth Management acquired a new position in Forum Energy Technologies in the fourth quarter valued at $1,196,000. Strs Ohio increased its stake in Forum Energy Technologies by 468.4% in the third quarter. Strs Ohio now owns 21,600 shares of the oil and gas company's stock valued at $577,000 after purchasing an additional 17,800 shares during the period. Finally, Bailard Inc. raised its holdings in shares of Forum Energy Technologies by 5.3% in the third quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company's stock valued at $369,000 after buying an additional 700 shares during the last quarter. 65.60% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.