Forum Energy Technologies (NYSE:FET) Raised to “Strong-Buy” at Zacks Research

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

Several other research analysts have also commented on FET. Wall Street Zen upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Up 1.0%

FET traded up $0.42 during trading on Monday, reaching $41.17. 37,464 shares of the stock traded hands, compared to its average volume of 115,293. The stock’s 50-day simple moving average is $34.06 and its two-hundred day simple moving average is $27.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.01. Forum Energy Technologies has a fifty-two week low of $12.78 and a fifty-two week high of $42.00. The stock has a market cap of $468.38 million, a price-to-earnings ratio of -4.36, a price-to-earnings-growth ratio of 3.01 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.08. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.The business had revenue of $196.23 million during the quarter, compared to analyst estimates of $194.35 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FET. JPMorgan Chase & Co. raised its holdings in shares of Forum Energy Technologies by 62.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after buying an additional 100,720 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Forum Energy Technologies by 334.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 92,614 shares of the oil and gas company’s stock valued at $2,474,000 after acquiring an additional 71,294 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Forum Energy Technologies in the 3rd quarter valued at $433,000. Public Employees Retirement System of Ohio bought a new stake in shares of Forum Energy Technologies in the 3rd quarter worth about $236,000. Finally, JB Capital Partners LP lifted its holdings in Forum Energy Technologies by 68.2% during the 3rd quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company’s stock valued at $3,227,000 after purchasing an additional 49,000 shares during the last quarter. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

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.