Forum Energy Technologies (NYSE:FET) Shares Down 5.1% – Here’s What Happened

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price dropped 5.1% during trading on Friday . The stock traded as low as $78.17 and last traded at $77.7210. Approximately 55,114 shares were traded during trading, a decline of 72% from the average daily volume of 199,088 shares. The stock had previously closed at $81.87.

Analysts Set New Price Targets

FET has been the subject of a number of research reports. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Forum Energy Technologies has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Trading Down 5.5%

The business has a 50-day moving average price of $65.13 and a 200-day moving average price of $59.51. The company has a quick ratio of 1.13, a current ratio of 2.19 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $870.52 million, a P/E ratio of -515.72, a PEG ratio of 2.56 and a beta of 0.59.

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

Insider Transactions at Forum Energy Technologies

In related news, EVP John Ivascu sold 5,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total value of $406,100.00. Following the completion of the transaction, the executive vice president owned 80,512 shares of the company’s stock, valued at $6,539,184.64. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares of the company’s stock, valued at approximately $4,153,743.49. This represents a 2.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 11,500 shares of company stock worth $877,615. 7.70% of the stock is currently owned by insiders.

Institutional Trading of Forum Energy Technologies

Institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new position in Forum Energy Technologies during the fourth quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Forum Energy Technologies in the 4th quarter valued at $37,000. Tower Research Capital LLC TRC grew its holdings in shares of Forum Energy Technologies by 558.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Forum Energy Technologies during the 4th quarter worth about $75,000. Finally, Osaic Holdings Inc. acquired a new stake in shares of Forum Energy Technologies during the 2nd quarter worth about $78,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

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.