Short Interest in Forum Energy Technologies, Inc. (NYSE:FET) Rises By 26.4%

Forum Energy Technologies, Inc. (NYSE:FET) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 279,530 shares, an increase of 26.4% from the February 26th total of 221,162 shares. Based on an average trading volume of 215,641 shares, the days-to-cover ratio is currently 1.3 days. Approximately 2.7% of the company’s shares are short sold.

Insider Buying and Selling at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 4,392 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were 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 owned 81,599 shares in the company, valued at approximately $4,896,755.99. This trade represents a 5.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of Forum Energy Technologies

A number of hedge funds have recently added to or reduced their stakes in FET. Hsbc Holdings PLC increased its position in Forum Energy Technologies by 24.4% during the 4th quarter. Hsbc Holdings PLC now owns 25,810 shares of the oil and gas company’s stock valued at $959,000 after purchasing an additional 5,063 shares during the period. Invesco Ltd. lifted its position in shares of Forum Energy Technologies by 461.5% in the 4th quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock worth $3,703,000 after purchasing an additional 82,363 shares during the period. Mackenzie Financial Corp lifted its position in shares of Forum Energy Technologies by 17.3% in the 4th quarter. Mackenzie Financial Corp now owns 57,907 shares of the oil and gas company’s stock worth $2,161,000 after purchasing an additional 8,539 shares during the period. Empowered Funds LLC boosted its stake in shares of Forum Energy Technologies by 81.8% during the fourth quarter. Empowered Funds LLC now owns 60,254 shares of the oil and gas company’s stock valued at $2,226,000 after purchasing an additional 27,118 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its stake in shares of Forum Energy Technologies by 18.9% during the fourth quarter. Quadrature Capital Ltd now owns 12,527 shares of the oil and gas company’s stock valued at $463,000 after purchasing an additional 1,989 shares in the last quarter. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Trading Up 2.7%

Shares of NYSE FET traded up $1.55 during trading hours on Tuesday, reaching $58.72. The stock had a trading volume of 263,759 shares, compared to its average volume of 211,797. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $63.58. The firm has a market cap of $665.25 million, a price-to-earnings ratio of -65.97, a P/E/G ratio of 3.54 and a beta of 0.54. The business’s fifty day moving average price is $53.34 and its two-hundred day moving average price is $39.46. The company has a current ratio of 2.17, a quick ratio of 1.01 and a debt-to-equity ratio of 0.46.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.The business had revenue of $202.20 million during the quarter, compared to analyst estimates of $190.50 million.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FET. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Forum Energy Technologies presently has a consensus rating of “Reduce”.

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.