Forum Energy Technologies (NYSE:FET) Raised to “Hold” at Zacks Research

Forum Energy Technologies (NYSE:FET) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Wednesday, October 8th. Wall Street Zen raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Forum Energy Technologies has an average rating of “Reduce”.

Forum Energy Technologies Stock Performance

Shares of Forum Energy Technologies stock opened at $28.96 on Tuesday. The stock has a market capitalization of $329.55 million, a price-to-earnings ratio of -3.26, a price-to-earnings-growth ratio of 7.95 and a beta of 0.85. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.41 and a quick ratio of 1.13. The business has a 50-day moving average of $27.46 and a 200 day moving average of $21.58. Forum Energy Technologies has a 12 month low of $12.78 and a 12 month high of $33.06.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.08. Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%. The business had revenue of $196.23 million for the quarter, compared to analysts’ expectations of $194.35 million.

Hedge Funds Weigh In On Forum Energy Technologies

Several large investors have recently bought and sold shares of the business. Bailard Inc. lifted its holdings in Forum Energy Technologies by 5.3% during the 3rd quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company’s stock worth $369,000 after buying an additional 700 shares during the last quarter. Headlands Technologies LLC raised its position in shares of Forum Energy Technologies by 196.6% during the 1st quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 820 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Forum Energy Technologies by 166.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock worth $43,000 after acquiring an additional 1,010 shares in the last quarter. New York State Teachers Retirement System purchased a new stake in Forum Energy Technologies during the third quarter worth approximately $27,000. Finally, Empowered Funds LLC boosted its holdings in Forum Energy Technologies by 8.8% in the first quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock valued at $280,000 after purchasing an additional 1,127 shares in the last quarter. Hedge funds and other institutional investors own 65.60% of the company’s stock.

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.