Forum Energy Technologies, Inc. (NYSE:FET) Short Interest Up 35.5% in February

Forum Energy Technologies, Inc. (NYSE:FET) saw a significant growth in short interest in February. As of February 27th, there was short interest totaling 221,162 shares, a growth of 35.5% from the February 12th total of 163,252 shares. Based on an average daily trading volume, of 419,540 shares, the short-interest ratio is currently 0.5 days. Currently, 2.1% of the shares of the company are short sold. Currently, 2.1% of the shares of the company are short sold. Based on an average daily trading volume, of 419,540 shares, the short-interest ratio is currently 0.5 days.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $263,563.92. Following the completion of the transaction, the executive vice president owned 81,599 shares in the company, valued at approximately $4,896,755.99. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

A number of large investors have recently modified their holdings of the business. New York State Teachers Retirement System acquired a new stake in shares of Forum Energy Technologies in the third quarter valued at about $27,000. Meeder Asset Management Inc. acquired a new position in Forum Energy Technologies during the fourth quarter worth about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Forum Energy Technologies during the fourth quarter worth about $37,000. Tower Research Capital LLC TRC grew its stake in Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Forum Energy Technologies by 166.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock valued at $43,000 after acquiring an additional 1,010 shares in the last quarter. Hedge funds and other institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Price Performance

Forum Energy Technologies stock traded down $0.67 during midday trading on Friday, reaching $54.35. The company had a trading volume of 150,279 shares, compared to its average volume of 300,121. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01. Forum Energy Technologies has a 12-month low of $12.78 and a 12-month high of $63.58. The company has a market capitalization of $611.76 million, a P/E ratio of -61.07, a P/E/G ratio of 5.09 and a beta of 0.54. The firm’s fifty day simple moving average is $48.90 and its 200-day simple moving average is $36.57.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.36 by $0.05. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.The firm had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $190.50 million.

Analyst Upgrades and Downgrades

FET has been the topic of a number of analyst reports. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. Finally, Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Forum Energy Technologies currently has an average rating of “Reduce”.

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.