Forum Energy Technologies (NYSE:FET) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Forum Energy Technologies (NYSE:FET) from a hold rating to a buy rating in a research report sent to investors on Wednesday.

Forum Energy Technologies Price Performance

Shares of NYSE FET opened at $18.39 on Wednesday. Forum Energy Technologies has a fifty-two week low of $12.83 and a fifty-two week high of $20.85. The company has a market cap of $225.90 million, a PE ratio of -1.67 and a beta of 2.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.87 and a current ratio of 1.93. The business has a 50-day simple moving average of $17.47 and a two-hundred day simple moving average of $16.27.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $201.85 million.

Insider Transactions at Forum Energy Technologies

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

Institutional Investors Weigh In On Forum Energy Technologies

Hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its holdings in Forum Energy Technologies by 63.7% in the 4th quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 859 shares during the period. Tower Research Capital LLC TRC increased its position in shares of 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 buying an additional 1,319 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Forum Energy Technologies by 41.7% during the 4th quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company’s stock worth $130,000 after buying an additional 2,479 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Forum Energy Technologies by 71.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,845 shares of the oil and gas company’s stock valued at $137,000 after buying an additional 3,693 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Forum Energy Technologies in the 4th quarter valued at $160,000. Hedge funds and other 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.