Forum Energy Technologies, Inc. (NYSE:FET) Short Interest Down 6.2% in June

Forum Energy Technologies, Inc. (NYSE:FET) saw a large decline in short interest in June. As of June 30th, there was short interest totalling 175,100 shares, a decline of 6.2% from the June 15th total of 186,600 shares. Based on an average daily trading volume, of 37,400 shares, the days-to-cover ratio is currently 4.7 days. Currently, 1.6% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, May 6th.

Forum Energy Technologies Price Performance

Shares of FET stock traded down $0.41 on Wednesday, reaching $17.16. The company’s stock had a trading volume of 6,673 shares, compared to its average volume of 34,987. The stock’s fifty day simple moving average is $17.30 and its 200-day simple moving average is $18.84. The company has a current ratio of 2.83, a quick ratio of 1.26 and a debt-to-equity ratio of 0.63. Forum Energy Technologies has a 1 year low of $15.27 and a 1 year high of $28.73.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, May 2nd. The oil and gas company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.69. Forum Energy Technologies had a negative net margin of 3.42% and a negative return on equity of 0.94%. The firm had revenue of $202.40 million for the quarter, compared to analysts’ expectations of $211.60 million.

Institutional Investors Weigh In On Forum Energy Technologies

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Forum Energy Technologies by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 538,148 shares of the oil and gas company’s stock valued at $10,752,000 after purchasing an additional 3,516 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Forum Energy Technologies by 0.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 253,898 shares of the oil and gas company’s stock valued at $5,073,000 after acquiring an additional 806 shares during the last quarter. Icon Wealth Advisors LLC purchased a new stake in shares of Forum Energy Technologies in the fourth quarter valued at $2,034,000. Panagora Asset Management Inc. lifted its holdings in shares of Forum Energy Technologies by 20.4% in the 4th quarter. Panagora Asset Management Inc. now owns 18,795 shares of the oil and gas company’s stock worth $417,000 after acquiring an additional 3,186 shares during the last quarter. Finally, Pickering Energy Partners LP bought a new stake in Forum Energy Technologies in the fourth quarter worth about $279,000. 65.60% of the stock is owned by institutional investors.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.