Forum Energy Technologies, Inc. (NYSE:FET) Sees Large Increase in Short Interest

Forum Energy Technologies, Inc. (NYSE:FET) was the recipient of a significant growth in short interest during the month of February. As of February 27th, there was short interest totaling 221,162 shares, a growth of 35.5% from the February 12th total of 163,252 shares. Based on an average daily volume of 419,540 shares, the short-interest ratio is presently 0.5 days. Approximately 2.1% of the company’s shares are short sold. Approximately 2.1% of the company’s shares are short sold. Based on an average daily volume of 419,540 shares, the short-interest ratio is presently 0.5 days.

Insider Buying and Selling

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total transaction of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares of the company’s stock, valued at $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Hedge funds have recently modified their holdings of the stock. Keyframe Capital Partners L.P. boosted its holdings in Forum Energy Technologies by 8.5% in the 2nd quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after acquiring an additional 66,322 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Forum Energy Technologies by 3.7% during the third quarter. Dimensional Fund Advisors LP now owns 591,741 shares of the oil and gas company’s stock valued at $15,806,000 after purchasing an additional 21,033 shares during the period. IES Holdings Inc. purchased a new stake in shares of Forum Energy Technologies during the fourth quarter valued at approximately $20,107,000. Allspring Global Investments Holdings LLC lifted its position in shares of Forum Energy Technologies by 3.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 296,996 shares of the oil and gas company’s stock worth $7,906,000 after purchasing an additional 8,917 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Forum Energy Technologies by 62.3% during the third quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after purchasing an additional 100,720 shares in the last quarter. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Forum Energy Technologies Stock Up 3.7%

Forum Energy Technologies stock traded up $2.02 during trading on Monday, reaching $56.31. 55,288 shares of the company’s stock were exchanged, compared to its average volume of 241,616. Forum Energy Technologies has a 52-week low of $12.78 and a 52-week high of $63.58. The firm has a market cap of $634.05 million, a price-to-earnings ratio of -63.27, a PEG ratio of 5.03 and a beta of 0.54. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.01 and a current ratio of 2.17. The company’s 50-day moving average is $48.90 and its two-hundred day moving average is $36.73.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. The company had revenue of $202.20 million for the quarter, compared to analyst estimates of $190.50 million. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. Finally, Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Forum Energy Technologies has an average rating of “Reduce”.

Forum Energy Technologies Company Profile

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.