Forum Energy Technologies Inc (NYSE:FET) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 6,409,500 shares, an increase of 8.5% from the June 30th total of 5,909,000 shares. Based on an average daily trading volume, of 1,110,000 shares, the short-interest ratio is currently 5.8 days. Approximately 7.0% of the shares of the stock are short sold.

A number of institutional investors and hedge funds have recently modified their holdings of FET. Quantamental Technologies LLC purchased a new stake in Forum Energy Technologies in the second quarter worth approximately $35,000. Public Employees Retirement System of Ohio boosted its stake in Forum Energy Technologies by 25.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock worth $38,000 after buying an additional 1,833 shares in the last quarter. Alambic Investment Management L.P. purchased a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $60,000. Menta Capital LLC purchased a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $62,000. Finally, Pearl River Capital LLC purchased a new stake in shares of Forum Energy Technologies during the first quarter valued at approximately $70,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Several brokerages have recently weighed in on FET. B. Riley set a $4.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a research report on Friday, July 12th. Bank of America reiterated a “neutral” rating and set a $3.50 price target (down from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. Gabelli lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Monday, July 29th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Piper Jaffray Companies cut their price objective on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $7.89.

Shares of NYSE FET traded down $0.04 during midday trading on Thursday, hitting $1.44. 1,002,744 shares of the company’s stock were exchanged, compared to its average volume of 1,188,481. Forum Energy Technologies has a 12-month low of $1.40 and a 12-month high of $12.80. The company has a current ratio of 3.25, a quick ratio of 1.15 and a debt-to-equity ratio of 0.52. The company has a market cap of $179.91 million, a price-to-earnings ratio of 72.00 and a beta of 2.31. The business’s fifty day moving average price is $2.50 and its two-hundred day moving average price is $4.50.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.03). The business had revenue of $245.60 million for the quarter, compared to analysts’ expectations of $254.91 million. Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.01) EPS. Equities analysts expect that Forum Energy Technologies will post -0.2 earnings per share for the current fiscal year.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.

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