Forum Energy Technologies (NYSE:FET) Issues Earnings Results, Beats Estimates By $0.03 EPS

Forum Energy Technologies (NYSE:FET) released its quarterly earnings data on Thursday. The oil and gas company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03, Zacks reports. Forum Energy Technologies had a positive return on equity of 4.06% and a negative net margin of 0.78%.The firm had revenue of $208.70 million for the quarter, compared to the consensus estimate of $201.30 million.

Forum Energy Technologies Stock Performance

FET stock traded down $4.44 during midday trading on Friday, hitting $58.43. 451,226 shares of the company traded hands, compared to its average volume of 133,085. Forum Energy Technologies has a twelve month low of $13.55 and a twelve month high of $65.43. 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 business has a 50 day simple moving average of $59.00 and a 200-day simple moving average of $44.36. The stock has a market capitalization of $662.01 million, a price-to-earnings ratio of -65.65, a price-to-earnings-growth ratio of 3.89 and a beta of 0.60.

Wall Street Analyst Weigh In

Several brokerages have commented on FET. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, April 24th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Insider Buying and Selling at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 4,392 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total value of $263,563.92. Following the completion of the sale, the executive vice president directly owned 81,599 shares of the company’s stock, valued at approximately $4,896,755.99. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds have recently modified their holdings of FET. Russell Investments Group Ltd. lifted its position in Forum Energy Technologies by 7.0% in the fourth quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock worth $349,000 after purchasing an additional 618 shares during the period. Victory Capital Management Inc. lifted its position in Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock worth $385,000 after purchasing an additional 793 shares during the period. Meeder Asset Management Inc. bought a new position in Forum Energy Technologies in the fourth quarter worth $35,000. Raymond James Financial Inc. lifted its position in Forum Energy Technologies by 10.1% in the third quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock worth $283,000 after purchasing an additional 971 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Forum Energy Technologies in the fourth quarter worth $37,000. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

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.