Forum Energy Technologies, Inc. (NYSE:FET) Sees Significant Drop in Short Interest

Forum Energy Technologies, Inc. (NYSE:FET) was the target of a large drop in short interest in January. As of January 30th, there was short interest totaling 156,040 shares, a drop of 13.6% from the January 15th total of 180,567 shares. Based on an average trading volume of 237,996 shares, the days-to-cover ratio is presently 0.7 days. Currently, 1.5% of the company’s stock are short sold. Currently, 1.5% of the company’s stock are short sold. Based on an average trading volume of 237,996 shares, the days-to-cover ratio is presently 0.7 days.

Forum Energy Technologies Stock Up 3.1%

Shares of NYSE:FET opened at $52.17 on Thursday. Forum Energy Technologies has a 1 year low of $12.78 and a 1 year high of $53.11. The company has a market capitalization of $593.66 million, a PE ratio of -5.52, a price-to-earnings-growth ratio of 3.84 and a beta of 0.64. The business has a fifty day moving average price of $41.58 and a two-hundred day moving average price of $32.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.01.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its holdings in shares of Forum Energy Technologies by 8.8% in the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after purchasing an additional 1,127 shares during the period. Jane Street Group LLC raised its stake in shares of Forum Energy Technologies by 53.6% in the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock valued at $402,000 after buying an additional 6,971 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Forum Energy Technologies by 3.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 288,079 shares of the oil and gas company’s stock valued at $5,548,000 after buying an additional 9,748 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Forum Energy Technologies in the 2nd quarter valued at about $208,000. Finally, Bailard Inc. purchased a new stake in Forum Energy Technologies during the second quarter valued at about $255,000. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on FET. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

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.