Forum Energy Technologies, Inc. FET completed the divestment of assets related to its ABZ and Quadrant valve brands to Anvil and Smith-Cooper International on Dec 31, 2020. Notably, the total consideration paid in the transaction was $105 million in cash.Anvil and Smith-Cooper is a leading designer, manufacturer and supplier of superior products that connect and support piping systems. The company offers a broad portfolio of products to national, regional and local traders throughout North America and supplies the industrial, commercial, fire protection, energy and mining end markets.The ABZ and Quadrant product groups generated revenues of nearly $42 million for Forum and contributed an EBITDA of approximately $12 million in 2020. It has been part of the Forum family since 2010. Importantly, the divestment is likely to make Forum place greater emphasis on the drilling and completion activities as the United States, which is currently on an upswing with the drilling rig count rising by more than 40% since August 2020.Pro-forma for the sale proceeds, Forum expects a reduction in the company’s total debt by more than one-third from the $308-MILLION level at Sep 30, 2020. Per the deal, Anvil and Smith-Cooper will hire workers of ABZ and Quadrant, especially in the locations of Kansas and Louisiana. As a result of this transaction, Forum believes that employees will find new and increasing opportunities.Notably, the company hopes that the transaction significantly improves its liquidity and financial flexibility, and maintains the progress made to its capital structure during 2020.Company Profile & Price PerformanceHeadquartered in Houston, TX, Forum Energy is a global oilfield products company, which serves the drilling, completion, production and infrastructure sectors of the oil and natural gas industry.Shares of the company have underperformed the industry in the past three months. The stock has gained 15.6% compared with the industry’s 50.6% growth. Zacks Rank & Stocks to ConsiderForum Energy currently carries a Zack Rank #4 (Sell).Some better-ranked players in the energy space are China Petroleum & Chemical Corporation SNP, CNS Resources Corporation CNX, and Diamondback Energy, Inc. FANG, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.In the past 60 days, the Zacks Consensus Estimate for China Petroleum’s 2020 earnings has been raised by 250.7%.CNS Resources and Diamondback are likely to see earnings growth of 41.5% and 59.4%, respectively, in the next year.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.Click here for the 6 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNX Resources Corporation. (CNX): Free Stock Analysis Report China Petroleum & Chemical Corporation (SNP): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report Forum Energy Technologies, Inc. (FET): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research