Forum Energy Technologies (NYSE:FET) EVP John Ivascu Sells 5,000 Shares

Forum Energy Technologies, Inc. (NYSE:FET) EVP John Ivascu sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the transaction, the executive vice president directly owned 85,512 shares of the company’s stock, valued at $6,039,712.56. The trade was a 5.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Forum Energy Technologies Stock Performance

Shares of FET stock opened at $74.07 on Wednesday. The stock has a fifty day moving average price of $52.59 and a 200 day moving average price of $54.12. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.09 and a current ratio of 2.19. The stock has a market cap of $833.31 million, a PE ratio of -493.78, a P/E/G ratio of 4.07 and a beta of 0.53. Forum Energy Technologies, Inc. has a 1 year low of $18.12 and a 1 year high of $74.77.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%.The company had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Sell-side analysts forecast that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forum Energy Technologies

Institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new stake in Forum Energy Technologies during the first quarter worth approximately $2,726,000. Bank of America Corp DE raised its holdings in Forum Energy Technologies by 20.3% in the 1st quarter. Bank of America Corp DE now owns 71,251 shares of the oil and gas company’s stock valued at $4,180,000 after acquiring an additional 12,000 shares during the last quarter. Empowered Funds LLC raised its holdings in Forum Energy Technologies by 30.4% in the 1st quarter. Empowered Funds LLC now owns 78,555 shares of the oil and gas company’s stock valued at $4,608,000 after acquiring an additional 18,301 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Forum Energy Technologies by 23.7% during the 1st quarter. Renaissance Technologies LLC now owns 140,475 shares of the oil and gas company’s stock worth $8,240,000 after purchasing an additional 26,875 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its stake in shares of Forum Energy Technologies by 20.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 19,840 shares of the oil and gas company’s stock worth $1,164,000 after purchasing an additional 3,428 shares during the period. Institutional investors and hedge funds own 65.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on FET shares. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Finally, Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Forum Energy Technologies currently has a consensus 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.