Forum Energy Technologies, Inc. (NYSE:FET) Short Interest Update

Forum Energy Technologies, Inc. (NYSE:FET) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 489,517 shares, a growth of 58.5% from the March 31st total of 308,822 shares. Based on an average trading volume of 148,941 shares, the short-interest ratio is currently 3.3 days. Approximately 4.7% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

FET has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. One 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 company presently has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Trading Up 1.2%

Shares of NYSE:FET traded up $0.76 during midday trading on Wednesday, hitting $64.37. The company had a trading volume of 74,779 shares, compared to its average volume of 215,695. The firm has a fifty day simple moving average of $58.55 and a 200 day simple moving average of $44.08. Forum Energy Technologies has a 12 month low of $13.55 and a 12 month high of $65.43. The stock has a market cap of $729.26 million, a price-to-earnings ratio of -72.32, a PEG ratio of 3.92 and a beta of 0.58. The company has a current ratio of 2.17, a quick ratio of 1.01 and a debt-to-equity ratio of 0.46.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. The firm had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $190.50 million. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%. On average, analysts predict that Forum Energy Technologies will post 2.02 EPS for the current year.

Insider Transactions at Forum Energy Technologies

In related news, EVP John C. Ivascu sold 4,392 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares in the company, valued at $4,896,755.99. The trade was a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JB Capital Partners LP lifted its position in Forum Energy Technologies by 68.2% in the third quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company’s stock valued at $3,227,000 after acquiring an additional 49,000 shares during the last quarter. JPMorgan Chase & Co. grew its position in Forum Energy Technologies by 62.3% during the third quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after buying an additional 100,720 shares during the period. Ritholtz Wealth Management acquired a new stake in shares of Forum Energy Technologies in the 4th quarter worth approximately $1,196,000. Strs Ohio raised its stake in shares of Forum Energy Technologies by 468.4% during the 3rd quarter. Strs Ohio now owns 21,600 shares of the oil and gas company’s stock worth $577,000 after buying an additional 17,800 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new position in Forum Energy Technologies during the third quarter worth about $27,000. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

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.