StockNews.com Upgrades Forum Energy Technologies (NYSE:FET) to “Buy”

Forum Energy Technologies (NYSE:FET) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Forum Energy Technologies Price Performance

Shares of FET opened at $18.63 on Wednesday. Forum Energy Technologies has a one year low of $12.83 and a one year high of $20.85. The stock’s fifty day moving average is $17.55 and its 200-day moving average is $16.29. 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 firm has a market capitalization of $228.79 million, a price-to-earnings ratio of -1.70 and a beta of 2.38.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share 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 company had revenue of $201.00 million during the quarter, compared to analyst estimates of $201.85 million.

Insider Activity

In other Forum Energy Technologies news, Director Louis Raspino sold 4,950 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $15.41, for a total value of $76,279.50. Following the sale, the director now directly owns 16,121 shares in the company, valued at approximately $248,424.61. The trade was a 23.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. boosted its holdings in Forum Energy Technologies by 63.7% during the fourth quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock worth $34,000 after buying an additional 859 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Forum Energy Technologies by 126.7% during the 4th 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 during the last quarter. Wells Fargo & Company MN boosted 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 acquiring an additional 2,479 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Forum Energy Technologies by 71.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,845 shares of the oil and gas company’s stock worth $137,000 after acquiring an additional 3,693 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Forum Energy Technologies during the fourth quarter worth $160,000. Institutional investors and hedge funds 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.