Forum Energy Technologies (NYSE:FET) Shares Down 6.8% – Here’s What Happened

Forum Energy Technologies, Inc. (NYSE:FET) fell 6.8% during trading on Thursday. The stock traded as low as $76.83 and last traded at $76.61. Approximately 144,161 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 197,600 shares. The stock had previously closed at $82.21.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Finally, Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Forum Energy Technologies currently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The company has a fifty day moving average price of $81.51 and a 200 day moving average price of $64.66. The stock has a market cap of $870.10 million, a P/E ratio of -516.51, a P/E/G ratio of 2.65 and a beta of 0.68.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The firm had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. On average, equities analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other news, EVP John Ivascu sold 5,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the transaction, the executive vice president owned 85,512 shares in the company, valued at approximately $6,039,712.56. This represents a 5.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares of the company’s stock, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,500 shares of company stock worth $877,615 in the last ninety days. Insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue purchased a new position in shares of Forum Energy Technologies during the third quarter worth about $28,000. Integrated Wealth Concepts LLC bought a new stake in Forum Energy Technologies during the second quarter worth about $33,000. GAMMA Investing LLC raised its holdings in shares of Forum Energy Technologies by 39.6% during the 3rd quarter. GAMMA Investing LLC now owns 666 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 189 shares in the last quarter. IFP Advisors Inc boosted its stake in Forum Energy Technologies by 23.6% in the second quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company’s stock worth $65,000 after buying an additional 246 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Forum Energy Technologies during the second quarter valued at about $96,000. Hedge funds and other institutional investors own 65.60% of the company’s stock.

About Forum Energy Technologies

Forum Energy Technologies, Inc is an oilfield services and manufacturing company that develops and supplies equipment used in the exploration, drilling, completion and production of oil and natural gas wells. The company serves oil and gas operators, drilling contractors and other energy-service businesses.

Its product portfolio includes drilling and downhole tools, equipment for well completions, pressure-control and production equipment, and subsea products used in offshore energy operations.