Forum Energy Technologies (NYSE:FET) Shares Gap Up Following Better-Than-Expected Earnings

Forum Energy Technologies, Inc. (NYSE:FET) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $53.03, but opened at $55.21. Forum Energy Technologies shares last traded at $56.5520, with a volume of 69,462 shares.

The oil and gas company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.The firm had revenue of $202.20 million for the quarter, compared to analyst estimates of $190.50 million.

Wall Street Analyst Weigh In

FET has been the subject of a number of analyst reports. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Wall Street Zen lowered shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. 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 has an average rating of “Moderate Buy”.

Institutional Trading of Forum Energy Technologies

Large investors have recently bought and sold shares of the stock. New York State Teachers Retirement System acquired a new position in shares of Forum Energy Technologies in the 3rd quarter valued at $27,000. Meeder Asset Management Inc. acquired a new position in shares of Forum Energy Technologies in the fourth quarter worth about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Forum Energy Technologies during the 4th quarter worth about $37,000. Tower Research Capital LLC TRC grew its position in shares of Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares during the period. Finally, Federated Hermes Inc. increased its stake in shares of Forum Energy Technologies by 166.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 1,010 shares in the last quarter. Hedge funds and other institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Stock Up 7.5%

The company has a market cap of $648.55 million, a price-to-earnings ratio of -6.03, a PEG ratio of 3.96 and a beta of 0.64. The business has a fifty day moving average of $41.93 and a two-hundred day moving average of $32.59. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47.

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.