Forum Energy Technologies (NYSE:FET) Rating Lowered to “Hold” at StockNews.com

StockNews.com cut shares of Forum Energy Technologies (NYSE:FET) from a buy rating to a hold rating in a report published on Thursday morning.

Forum Energy Technologies Stock Up 1.5 %

Shares of NYSE FET opened at $17.52 on Thursday. Forum Energy Technologies has a one year low of $12.83 and a one year high of $20.54. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 0.87. The firm’s 50 day simple moving average is $17.89 and its two-hundred day simple moving average is $16.35. The stock has a market capitalization of $216.29 million, a P/E ratio of -1.60 and a beta of 2.33.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.58). Forum Energy Technologies had a negative return on equity of 2.39% and a negative net margin of 16.57%. The firm had revenue of $201.00 million during the quarter, compared to the consensus estimate of $201.85 million.

Insider Transactions at Forum Energy Technologies

In other news, Director Louis Raspino sold 4,950 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $15.41, for a total value of $76,279.50. Following the transaction, the director now owns 16,121 shares in the company, valued at approximately $248,424.61. This trade represents a 23.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FET. Russell Investments Group Ltd. boosted its holdings in Forum Energy Technologies by 63.7% in the fourth quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 859 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Forum Energy Technologies by 126.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 1,319 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Forum Energy Technologies by 41.7% in the fourth quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company’s stock valued at $130,000 after acquiring an additional 2,479 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Forum Energy Technologies by 71.7% in the third quarter. JPMorgan Chase & Co. now owns 8,845 shares of the oil and gas company’s stock valued at $137,000 after acquiring an additional 3,693 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Forum Energy Technologies in the fourth quarter valued at $160,000. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

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.