Forum Energy Technologies (NYSE:FET) Stock Rating Lowered by StockNews.com

Forum Energy Technologies (NYSE:FETGet Rating) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

Forum Energy Technologies Stock Up 2.9 %

FET stock traded up $0.84 during trading on Thursday, reaching $29.66. 22,608 shares of the stock were exchanged, compared to its average volume of 19,580. The firm’s 50 day moving average is $25.04 and its 200 day moving average is $23.50. Forum Energy Technologies has a twelve month low of $14.71 and a twelve month high of $30.99. The company has a current ratio of 2.43, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. The firm has a market cap of $169.95 million, a P/E ratio of -14.06 and a beta of 2.97.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. SCF Partners Inc. purchased a new stake in shares of Forum Energy Technologies in the first quarter worth approximately $15,269,000. Vanguard Group Inc. raised its stake in shares of Forum Energy Technologies by 37.4% in the third quarter. Vanguard Group Inc. now owns 262,651 shares of the oil and gas company’s stock worth $5,579,000 after purchasing an additional 71,558 shares during the last quarter. SailingStone Capital Partners LLC purchased a new stake in shares of Forum Energy Technologies in the second quarter worth approximately $981,000. Virginia Wealth Management Group Inc. purchased a new stake in shares of Forum Energy Technologies in the second quarter worth approximately $28,000. Finally, Parian Global Management LP purchased a new stake in shares of Forum Energy Technologies in the third quarter worth approximately $467,000. 46.51% of the stock is owned by institutional investors and hedge funds.

About Forum Energy Technologies

(Get Rating)

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 markets, including applications in oil and natural gas, renewable energy, defense, and communications.

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