Forum Energy Technologies Inc (NYSE:FET) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 2,900,000 shares, a drop of 22.5% from the December 15th total of 3,740,000 shares. Currently, 3.2% of the company’s stock are short sold. Based on an average daily volume of 940,900 shares, the days-to-cover ratio is presently 3.1 days.

FET has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a research note on Tuesday. Citigroup lowered shares of Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research note on Monday, September 30th. ValuEngine upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Friday, January 3rd. Barclays restated a “hold” rating and set a $1.75 price objective on shares of Forum Energy Technologies in a research note on Friday, December 13th. Finally, Morgan Stanley reduced their price objective on shares of Forum Energy Technologies from $3.50 to $3.00 and set an “equal weight” rating for the company in a research note on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $2.66.

In other news, Director Andrew L. Waite acquired 585,938 shares of Forum Energy Technologies stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $1.28 per share, for a total transaction of $750,000.64. Following the purchase, the director now owns 656,150 shares in the company, valued at $839,872. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO C Christopher Gaut acquired 312,500 shares of Forum Energy Technologies stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $1.28 per share, with a total value of $400,000.00. Following the completion of the purchase, the chief executive officer now owns 2,127,833 shares in the company, valued at approximately $2,723,626.24. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 908,438 shares of company stock valued at $1,160,201. 28.50% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Millennium Management LLC grew its stake in shares of Forum Energy Technologies by 9,463.3% in the third quarter. Millennium Management LLC now owns 5,791,415 shares of the oil and gas company’s stock worth $8,976,000 after acquiring an additional 5,730,856 shares during the period. BlackRock Inc. grew its stake in shares of Forum Energy Technologies by 2.4% in the second quarter. BlackRock Inc. now owns 5,781,558 shares of the oil and gas company’s stock worth $19,773,000 after acquiring an additional 137,360 shares during the period. FMR LLC grew its stake in shares of Forum Energy Technologies by 81.7% in the first quarter. FMR LLC now owns 3,014,397 shares of the oil and gas company’s stock worth $15,404,000 after acquiring an additional 1,355,397 shares during the period. Citadel Advisors LLC grew its stake in shares of Forum Energy Technologies by 51.2% in the second quarter. Citadel Advisors LLC now owns 2,993,929 shares of the oil and gas company’s stock worth $10,239,000 after acquiring an additional 1,014,101 shares during the period. Finally, Hillman Co. grew its stake in shares of Forum Energy Technologies by 21.0% in the third quarter. Hillman Co. now owns 2,857,472 shares of the oil and gas company’s stock worth $4,429,000 after acquiring an additional 496,177 shares during the period. Hedge funds and other institutional investors own 80.88% of the company’s stock.

Shares of FET stock traded down $0.06 during trading hours on Tuesday, reaching $1.63. The company had a trading volume of 589,100 shares, compared to its average volume of 821,100. The business has a fifty day moving average price of $1.60 and a 200-day moving average price of $1.74. Forum Energy Technologies has a one year low of $0.88 and a one year high of $7.00. The firm has a market cap of $186.68 million, a PE ratio of 81.50 and a beta of 2.58. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.11 and a current ratio of 3.09.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.07. Forum Energy Technologies had a negative net margin of 91.13% and a negative return on equity of 0.34%. The firm had revenue of $239.30 million during the quarter, compared to analyst estimates of $245.31 million. Equities research analysts forecast that Forum Energy Technologies will post -0.19 EPS for the current year.

About Forum Energy Technologies

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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