Short Interest in Forum Energy Technologies Inc. (FET) Declines By 18.0%
Forum Energy Technologies Inc. (NYSE:FET) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 8,739,472 shares, a drop of 18.0% from the August 31st total of 10,657,749 shares. Based on an average daily volume of 667,675 shares, the days-to-cover ratio is presently 13.1 days. Currently, 10.7% of the company’s stock are short sold.
Shares of Forum Energy Technologies (NYSE:FET) opened at 19.86 on Monday. The stock’s 50 day moving average price is $18.02 and its 200 day moving average price is $16.31. The company’s market capitalization is $1.80 billion. Forum Energy Technologies has a 12 month low of $8.47 and a 12 month high of $20.29.
Forum Energy Technologies (NYSE:FET) last released its earnings results on Friday, July 29th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The firm had revenue of $142.80 million for the quarter, compared to analysts’ expectations of $143.17 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The company’s quarterly revenue was down 49.8% on a year-over-year basis. On average, analysts forecast that Forum Energy Technologies will post ($0.78) EPS for the current year.
Several research firms recently issued reports on FET. Barclays PLC raised shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 23rd. Citigroup Inc. lifted their price target on shares of Forum Energy Technologies from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, September 12th. Credit Suisse Group AG reissued a “hold” rating on shares of Forum Energy Technologies in a research report on Monday, June 13th. Scotiabank reissued a “sector perform” rating and issued a $19.00 price target (up previously from $16.00) on shares of Forum Energy Technologies in a research report on Friday, June 17th. Finally, Howard Weil lifted their price target on shares of Forum Energy Technologies from $16.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, June 16th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $17.37.
Large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio boosted its stake in Forum Energy Technologies by 13.8% in the second quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the company’s stock worth $100,000 after buying an additional 700 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Forum Energy Technologies by 7.2% in the second quarter. Teacher Retirement System of Texas now owns 8,274 shares of the company’s stock valued at $143,000 after buying an additional 555 shares during the period. Envestnet Asset Management Inc. boosted its stake in Forum Energy Technologies by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,868 shares of the company’s stock valued at $130,000 after buying an additional 749 shares during the period. Virginia Retirement Systems ET AL acquired a new stake in Forum Energy Technologies during the second quarter valued at approximately $175,000. Finally, KCG Holdings Inc. acquired a new stake in Forum Energy Technologies during the second quarter valued at approximately $237,000.
Forum Energy Technologies Company Profile
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.
Receive News & Stock Ratings for Forum Energy Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies Inc. and related stocks with our FREE daily email newsletter.