Forum Energy Technologies (NYSE:FET) Rating Increased to Strong-Buy at Zacks Research

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

A number of other equities analysts have also recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report 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, December 20th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Forum Energy Technologies has an average rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

Shares of Forum Energy Technologies stock opened at $40.79 on Monday. The firm has a market capitalization of $464.09 million, a PE ratio of -4.32, a price-to-earnings-growth ratio of 3.01 and a beta of 0.59. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. Forum Energy Technologies has a 12 month low of $12.78 and a 12 month high of $41.32. The business’s 50-day moving average price is $34.06 and its 200-day moving average price is $27.79.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Friday, October 31st. 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. The business had revenue of $196.23 million during the quarter, compared to analyst estimates of $194.35 million. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Forum Energy Technologies by 5.2% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock worth $300,000 after buying an additional 557 shares during the last quarter. Bailard Inc. lifted its stake in 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 worth $369,000 after acquiring an additional 700 shares during the period. Victory Capital Management Inc. boosted its holdings in Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 793 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in Forum Energy Technologies by 10.1% in the third quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after acquiring an additional 971 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in 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 valued at $43,000 after purchasing an additional 1,010 shares during the period. Institutional investors own 65.60% of the company’s stock.

About Forum Energy Technologies

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.