Forum Energy Technologies (NYSE:FET) Posts Earnings Results, Beats Estimates By $0.59 EPS

Forum Energy Technologies (NYSE:FET) released its earnings results on Thursday. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.59, FiscalAI reports. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The firm had revenue of $226.22 million during the quarter, compared to analysts’ expectations of $212.35 million.

Forum Energy Technologies Price Performance

Shares of FET traded up $0.53 during mid-day trading on Thursday, hitting $51.64. 141,186 shares of the stock were exchanged, compared to its average volume of 196,053. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. The company has a market cap of $583.53 million, a PE ratio of -87.52, a price-to-earnings-growth ratio of 3.04 and a beta of 0.54. Forum Energy Technologies has a 52-week low of $18.12 and a 52-week high of $65.43. The firm has a 50-day moving average of $51.99 and a two-hundred day moving average of $53.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Zacks Research cut shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Insider Buying and Selling

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the transaction, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.70% of the stock is owned by company insiders.

Institutional Trading of Forum Energy Technologies

Several hedge funds have recently made changes to their positions in FET. Empowered Funds LLC grew its position in Forum Energy Technologies by 8.8% in the first quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after acquiring an additional 1,127 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Forum Energy Technologies by 53.6% in the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock valued at $402,000 after purchasing an additional 6,971 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Forum Energy Technologies by 204.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after purchasing an additional 108,490 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Forum Energy Technologies by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company’s stock worth $403,000 after purchasing an additional 1,781 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Forum Energy Technologies in the 2nd quarter worth approximately $188,000. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

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.