Forum Energy Technologies (NYSE:FET) Posts Earnings Results, Beats Estimates By $0.03 EPS

Forum Energy Technologies (NYSE:FET) announced its earnings results on Thursday. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03, Zacks reports. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.

Forum Energy Technologies Trading Down 2.5%

NYSE FET traded down $1.60 on Thursday, reaching $62.94. The stock had a trading volume of 143,252 shares, compared to its average volume of 131,221. Forum Energy Technologies has a 12-month low of $13.55 and a 12-month high of $65.43. The stock has a fifty day moving average price of $59.00 and a two-hundred day moving average price of $44.36. The firm has a market capitalization of $713.09 million, a price-to-earnings ratio of -70.72, a P/E/G ratio of 3.99 and a beta of 0.58. The company has a quick ratio of 1.01, a current ratio of 2.17 and a debt-to-equity ratio of 0.46.

Insider Buying and Selling at Forum Energy Technologies

In related news, EVP John C. Ivascu sold 4,392 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total value of $263,563.92. Following the sale, the executive vice president owned 81,599 shares in the company, valued at approximately $4,896,755.99. The trade was a 5.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors have recently bought and sold shares of FET. Raymond James Financial Inc. increased its stake in Forum Energy Technologies by 10.1% during the third quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock worth $283,000 after purchasing an additional 971 shares during the period. Empowered Funds LLC boosted its stake in shares of Forum Energy Technologies by 8.8% in the first quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock valued at $280,000 after purchasing an additional 1,127 shares during the period. Ieq Capital LLC acquired a new position in shares of Forum Energy Technologies in the fourth quarter valued at approximately $260,000. Man Group plc increased its stake in Forum Energy Technologies by 12.0% during the 2nd quarter. Man Group plc now owns 13,275 shares of the oil and gas company’s stock worth $258,000 after buying an additional 1,426 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Forum Energy Technologies during the 3rd quarter worth approximately $236,000. 65.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently 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.