Michael Dewayne Danford Sells 3,000 Shares of Forum Energy Technologies (NYSE:FET) Stock

Forum Energy Technologies, Inc. (NYSE:FET) SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the sale, the senior vice president owned 54,139 shares in the company, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Forum Energy Technologies Price Performance

Shares of NYSE FET opened at $56.22 on Friday. The stock’s 50-day moving average is $58.46 and its two-hundred day moving average is $46.21. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. Forum Energy Technologies, Inc. has a 1-year low of $14.17 and a 1-year high of $65.43. The company has a market cap of $635.23 million, a price-to-earnings ratio of -95.28, a price-to-earnings-growth ratio of 3.40 and a beta of 0.60.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The company had revenue of $208.70 million for the quarter, compared to the consensus estimate of $201.30 million. Analysts forecast that Forum Energy Technologies, Inc. will post 2.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on FET shares. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, April 24th. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Forum Energy Technologies has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Forum Energy Technologies by 5.2% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock valued at $300,000 after acquiring an additional 557 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Forum Energy Technologies by 7.0% during the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock worth $349,000 after buying an additional 618 shares during the last quarter. Bailard Inc. grew its stake in Forum Energy Technologies by 5.3% during the 3rd quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company’s stock worth $369,000 after buying an additional 700 shares during the last quarter. Victory Capital Management Inc. grew its stake in Forum Energy Technologies by 5.8% during the 3rd quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock worth $385,000 after buying an additional 793 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Forum Energy Technologies during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors 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.