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

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

Separately, TheStreet lowered shares of Forum Energy Technologies from a “c” rating to a “d” rating in a research note on Thursday, February 29th.

Forum Energy Technologies Stock Up 1.8 %

FET stock opened at $19.14 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.59 and a quick ratio of 1.13. Forum Energy Technologies has a 1-year low of $17.65 and a 1-year high of $28.73. The firm has a fifty day moving average price of $19.21 and a two-hundred day moving average price of $20.57. The firm has a market cap of $235.04 million, a price-to-earnings ratio of -8.11 and a beta of 2.57.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, February 29th. The oil and gas company reported ($0.39) earnings per share for the quarter. Forum Energy Technologies had a negative net margin of 3.42% and a negative return on equity of 0.96%. The business had revenue of $185.20 million for the quarter. Research analysts predict that Forum Energy Technologies will post 0.13 EPS for the current year.

Insider Transactions at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 2,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $19.25, for a total transaction of $38,500.00. Following the completion of the transaction, the executive vice president now owns 51,543 shares in the company, valued at $992,202.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.80% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors have recently modified their holdings of the company. SG Americas Securities LLC grew its position in shares of Forum Energy Technologies by 12.3% during the fourth quarter. SG Americas Securities LLC now owns 5,311 shares of the oil and gas company’s stock worth $118,000 after acquiring an additional 581 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Forum Energy Technologies by 0.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 253,898 shares of the oil and gas company’s stock worth $5,073,000 after purchasing an additional 806 shares during the period. Panagora Asset Management Inc. lifted its holdings in Forum Energy Technologies by 25.5% in the third quarter. Panagora Asset Management Inc. now owns 15,609 shares of the oil and gas company’s stock worth $375,000 after purchasing an additional 3,176 shares during the period. Barclays PLC lifted its holdings in Forum Energy Technologies by 91.8% in the third quarter. Barclays PLC now owns 6,988 shares of the oil and gas company’s stock worth $168,000 after purchasing an additional 3,344 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Forum Energy Technologies by 71.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 18,217 shares of the oil and gas company’s stock worth $438,000 after purchasing an additional 7,599 shares during the period. Institutional investors 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.