Forum Energy Technologies (NYSE:FET) Shares Down 6.8% – What’s Next?

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price traded down 6.8% on Thursday. The stock traded as low as $76.83 and last traded at $76.61. 144,161 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 197,600 shares. The stock had previously closed at $82.21.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FET. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. Finally, Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Forum Energy Technologies currently has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 2.19. The firm’s 50 day moving average is $81.65 and its 200-day moving average is $64.86. The stock has a market capitalization of $885.54 million, a price-to-earnings ratio of -524.73, a PEG ratio of 2.40 and a beta of 0.68.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.60. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The company had revenue of $226.22 million during the quarter, compared to analysts’ expectations of $212.35 million. Analysts forecast that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current fiscal year.

Insider Activity at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Danford sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the sale, the senior vice president directly owned 52,639 shares of the company’s stock, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Ivascu sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total value of $406,100.00. Following the completion of the sale, the executive vice president owned 80,512 shares of the company’s stock, valued at $6,539,184.64. This trade represents a 5.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 11,500 shares of company stock worth $877,615. 7.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors have recently added to or reduced their stakes in FET. BlackRock Inc. purchased a new stake in Forum Energy Technologies in the 2nd quarter worth $47,765,000. De Lisle Partners LLP acquired a new position in shares of Forum Energy Technologies during the second quarter valued at approximately $11,389,000. Hillsdale Investment Management Inc. purchased a new position in shares of Forum Energy Technologies in the first quarter valued at approximately $7,682,000. JB Capital Partners LP purchased a new position in shares of Forum Energy Technologies in the second quarter valued at approximately $6,067,784. Finally, Empowered Funds LLC acquired a new stake in shares of Forum Energy Technologies in the second quarter worth approximately $4,232,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

About Forum Energy Technologies

Forum Energy Technologies, Inc is an oilfield services and manufacturing company that develops and supplies equipment used in the exploration, drilling, completion and production of oil and natural gas wells. The company serves oil and gas operators, drilling contractors and other energy-service businesses.

Its product portfolio includes drilling and downhole tools, equipment for well completions, pressure-control and production equipment, and subsea products used in offshore energy operations.