Forum Energy Technologies, Inc. (NYSE:FET) Short Interest Up 58.5% in April

Forum Energy Technologies, Inc. (NYSE:FET) was the recipient of a significant increase in short interest in April. As of April 15th, there was short interest totaling 489,517 shares, an increase of 58.5% from the March 31st total of 308,822 shares. Based on an average daily trading volume, of 148,941 shares, the days-to-cover ratio is currently 3.3 days. Approximately 4.7% of the company’s stock are sold short.

Insiders Place Their Bets

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of Forum Energy Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares of the company’s stock, valued at approximately $4,896,755.99. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 7.70% of the company’s stock.

Institutional Trading of Forum Energy Technologies

A number of institutional investors have recently made changes to their positions in the business. Moran Wealth Management LLC bought a new stake in shares of Forum Energy Technologies in the first quarter worth $372,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Forum Energy Technologies in the first quarter worth $513,000. Janney Montgomery Scott LLC bought a new stake in shares of Forum Energy Technologies in the first quarter worth $877,000. Ritholtz Wealth Management lifted its position in shares of Forum Energy Technologies by 67.8% in the first quarter. Ritholtz Wealth Management now owns 54,295 shares of the oil and gas company’s stock worth $3,185,000 after purchasing an additional 21,940 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Forum Energy Technologies during the first quarter worth $126,000. Institutional investors own 65.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on FET shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Finally, Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Up 1.2%

Shares of FET stock traded up $0.74 during trading on Wednesday, reaching $64.35. The company’s stock had a trading volume of 97,644 shares, compared to its average volume of 216,251. The business has a fifty day moving average price of $58.55 and a 200-day moving average price of $44.08. The company has a quick ratio of 1.01, a current ratio of 2.17 and a debt-to-equity ratio of 0.46. The company has a market cap of $729.09 million, a price-to-earnings ratio of -72.30, a price-to-earnings-growth ratio of 3.92 and a beta of 0.58. Forum Energy Technologies has a one year low of $13.55 and a one year high of $65.43.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The business had revenue of $202.20 million for the quarter, compared to analyst estimates of $190.50 million. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%. Analysts anticipate that Forum Energy Technologies will post 2.02 earnings per share for the current year.

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.