Forum Energy Technologies Inc. (NYSE:FET) saw a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 8,739,472 shares, a drop of 18.0% from the August 31st total of 10,657,749 shares. Based on an average daily trading volume, of 667,675 shares, the short-interest ratio is presently 13.1 days. Approximately 10.7% of the shares of the company are sold short.
Shares of Forum Energy Technologies (NYSE:FET) opened at 19.86 on Monday. The firm has a 50-day moving average price of $18.02 and a 200-day moving average price of $16.31. The company’s market cap is $1.80 billion. Forum Energy Technologies has a 1-year low of $8.47 and a 1-year high of $20.29.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. The business had revenue of $142.80 million for the quarter, compared to the consensus estimate of $143.17 million. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The company’s quarterly revenue was down 49.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.16 EPS. On average, equities analysts expect that Forum Energy Technologies will post ($0.78) EPS for the current year.
A number of hedge funds have recently bought and sold shares of FET. Norges Bank purchased a new stake in Forum Energy Technologies during the fourth quarter valued at $12,462,000. Ngam Advisors L.P. increased its stake in Forum Energy Technologies by 31.4% in the first quarter. Ngam Advisors L.P. now owns 339,222 shares of the company’s stock valued at $4,478,000 after buying an additional 81,059 shares during the last quarter. Teachers Advisors Inc. increased its stake in Forum Energy Technologies by 0.8% in the first quarter. Teachers Advisors Inc. now owns 88,351 shares of the company’s stock valued at $1,166,000 after buying an additional 719 shares during the last quarter. Prudential Financial Inc. increased its stake in Forum Energy Technologies by 4.0% in the first quarter. Prudential Financial Inc. now owns 626,045 shares of the company’s stock valued at $8,264,000 after buying an additional 23,900 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new stake in Forum Energy Technologies during the first quarter valued at $241,000.
Several equities research analysts recently commented on the company. Citigroup Inc. dropped their price objective on Forum Energy Technologies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 3rd. Credit Suisse Group AG raised Forum Energy Technologies from a “neutral” rating to an “outperform” rating and set a $18.00 price objective on the stock in a research report on Monday, July 18th. Jefferies Group dropped their price objective on Forum Energy Technologies from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Monday, July 11th. Capital One Financial Corp. reaffirmed an “equal weight” rating on shares of Forum Energy Technologies in a research report on Friday, July 29th. Finally, Iberia Capital raised Forum Energy Technologies from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $18.00 to $21.00 in a research report on Monday, August 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $17.37.
About Forum Energy Technologies
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.
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