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

Forum Energy Technologies, Inc. (NYSE:FET) was the target of 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 trading volume of 419,540 shares, the short-interest ratio is currently 0.5 days. Currently, 2.1% of the shares of the stock are short sold. Currently, 2.1% of the shares of the stock are short sold. Based on an average trading volume of 419,540 shares, the short-interest ratio is currently 0.5 days.

Forum Energy Technologies Trading Down 1.2%

Shares of FET traded down $0.67 during trading hours on Friday, reaching $54.35. 150,279 shares of the company traded hands, compared to its average volume of 300,121. The firm has a market cap of $611.76 million, a price-to-earnings ratio of -61.07, a PEG ratio of 5.09 and a beta of 0.54. Forum Energy Technologies has a 12-month low of $12.78 and a 12-month high of $63.58. The company has a current ratio of 2.17, a quick ratio of 1.01 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average price is $48.90 and its 200 day moving average price is $36.57.

Forum Energy Technologies (NYSE:FET) last issued its earnings results 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. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%. The business had revenue of $202.20 million for the quarter, compared to analyst estimates of $190.50 million.

Wall Street Analysts Forecast Growth

FET has been the subject of a number of recent analyst reports. 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. Finally, Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Insider Buying and Selling at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 4,392 shares of the business’s stock in a transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Large investors have recently added to or reduced their stakes in the company. New York State Teachers Retirement System acquired a new position in Forum Energy Technologies during the 3rd quarter valued at approximately $27,000. Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies during the fourth quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Forum Energy Technologies during the fourth quarter valued at $37,000. Tower Research Capital LLC TRC grew its holdings in shares of Forum Energy Technologies by 558.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 1,771 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Forum Energy Technologies by 166.7% in 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 during the period. 65.60% of the stock is currently 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.