Forum Energy Technologies (NYSE:FET) Shares Gap Down – What’s Next?

Forum Energy Technologies, Inc. (NYSE:FET)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $50.23, but opened at $48.33. Forum Energy Technologies shares last traded at $48.9660, with a volume of 6,868 shares traded.

Analysts Set New Price Targets

A number of research analysts have issued reports on FET shares. Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. The company has a market cap of $568.75 million, a PE ratio of -85.31, a price-to-earnings-growth ratio of 2.87 and a beta of 0.53. The company’s 50 day moving average price is $55.04 and its 200-day moving average price is $50.87.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The business had revenue of $208.70 million for the quarter, compared to the consensus estimate of $201.30 million. Equities research analysts anticipate that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the transaction, the senior vice president owned 54,139 shares of the company’s stock, valued at $3,004,173.11. This represents a 5.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Large investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new stake in Forum Energy Technologies during the fourth quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Forum Energy Technologies in the fourth quarter worth about $37,000. Tower Research Capital LLC TRC raised its position in shares of Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 1,771 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of Forum Energy Technologies in the fourth quarter valued at approximately $75,000. Finally, Osaic Holdings Inc. purchased a new stake in shares of Forum Energy Technologies during the 2nd quarter valued at approximately $78,000. Hedge funds and other institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company’s offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.