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

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

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

Forum Energy Technologies Stock Up 1.8 %

FET stock traded up $0.34 during mid-day trading on Monday, hitting $18.85. 28,990 shares of the company were exchanged, compared to its average volume of 31,431. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.13 and a current ratio of 2.59. The firm has a market cap of $231.48 million, a P/E ratio of -7.99 and a beta of 2.57. The firm’s 50 day simple moving average is $19.22 and its 200 day simple moving average is $20.63. Forum Energy Technologies has a 1-year low of $17.65 and a 1-year high of $28.73.

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

Insider Buying and Selling

In related news, EVP John C. Ivascu sold 2,000 shares of the stock in a transaction on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in Forum Energy Technologies during the third quarter worth $114,000. Allspring Global Investments Holdings LLC raised its position in Forum Energy Technologies by 3.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 246,737 shares of the oil and gas company’s stock worth $5,927,000 after acquiring an additional 8,587 shares in the last quarter. Panagora Asset Management Inc. raised its position in Forum Energy Technologies by 25.5% during the third quarter. Panagora Asset Management Inc. now owns 15,609 shares of the oil and gas company’s stock worth $375,000 after acquiring an additional 3,176 shares in the last quarter. Barclays PLC raised its position in Forum Energy Technologies by 91.8% during the third quarter. Barclays PLC now owns 6,988 shares of the oil and gas company’s stock worth $168,000 after acquiring an additional 3,344 shares in the last quarter. Finally, Monaco Asset Management SAM raised its position in Forum Energy Technologies by 26.7% during the third quarter. Monaco Asset Management SAM now owns 90,145 shares of the oil and gas company’s stock worth $2,165,000 after acquiring an additional 19,020 shares in the last quarter. 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.