Forum Energy Technologies (NYSE:FET) Issues Quarterly Earnings Results

Forum Energy Technologies (NYSE:FET) announced its earnings results on Thursday. The oil and gas company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.29, FiscalAI reports. Forum Energy Technologies had a return on equity of 14.77% and a net margin of 3.46%. The firm had revenue of $236.81 million for the quarter, compared to analysts’ expectations of $233.35 million.

Forum Energy Technologies Stock Down 4.5%

Shares of FET traded down $4.00 during mid-day trading on Friday, reaching $84.76. The company’s stock had a trading volume of 256,982 shares, compared to its average volume of 174,551. Forum Energy Technologies has a 1 year low of $26.00 and a 1 year high of $91.99. The company has a market cap of $953.21 million, a price-to-earnings ratio of 33.37, a price-to-earnings-growth ratio of 2.77 and a beta of 0.68. 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 business has a fifty day moving average of $82.59 and a 200 day moving average of $62.77.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, October 15th. Finally, Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 23rd. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Forum Energy Technologies has an average rating of “Reduce”.

Insider Buying and Selling at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 5,000 shares of Forum Energy Technologies 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 transaction, the executive vice president owned 85,512 shares of the company’s stock, valued at $6,039,712.56. This trade represents a 5.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the transaction, the senior vice president owned 52,639 shares in the company, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 16,500 shares of company stock worth $1,328,273. 7.70% of the stock is currently owned by corporate insiders.

About Forum Energy Technologies

Forum Energy Technologies, Inc (NYSE:FET) is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.

Forum’s product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.