Forum Energy Technologies (NYSE:FET) EVP Sells 700 Shares of Company Stock

Forum Energy Technologies, Inc. (NYSE:FET) EVP John Ivascu sold 700 shares of Forum Energy Technologies stock in a transaction on Monday, October 26th. The stock was sold at an average price of $90.08, for a total value of $63,056.00. Following the sale, the executive vice president owned 79,812 shares in the company, valued at $7,189,464.96. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Forum Energy Technologies Stock Up 1.4%

FET stock traded up $1.28 during midday trading on Tuesday, hitting $90.15. The company’s stock had a trading volume of 147,827 shares. The stock’s 50-day moving average price is $82.14 and its 200 day moving average price is $62.04. Forum Energy Technologies, Inc. has a 1 year low of $26.00 and a 1 year high of $91.41.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.60. The business had revenue of $226.22 million for the quarter, compared to analysts’ expectations of $212.35 million. Analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current year.

Institutional Trading of Forum Energy Technologies

Several hedge funds have recently made changes to their positions in FET. BlackRock Inc. bought a new stake in shares of Forum Energy Technologies in the second quarter valued at $47,765,000. Dimensional Fund Advisors LP increased its holdings in Forum Energy Technologies by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 626,938 shares of the oil and gas company’s stock worth $36,775,000 after acquiring an additional 33,802 shares during the last quarter. De Lisle Partners LLP purchased a new stake in Forum Energy Technologies in the 2nd quarter worth about $11,389,000. Arrowstreet Capital Limited Partnership increased its holdings in Forum Energy Technologies by 66.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock worth $8,940,000 after acquiring an additional 60,711 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Forum Energy Technologies by 23.7% in the 1st quarter. Renaissance Technologies LLC now owns 140,475 shares of the oil and gas company’s stock valued at $8,240,000 after acquiring an additional 26,875 shares during the period. 65.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on FET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, October 15th. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. Finally, Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Forum Energy Technologies presently has a consensus rating of “Reduce”.

About Forum Energy Technologies

Forum Energy Technologies, Inc (NYSE:FET) is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.

Forum’s product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.