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

Forum Energy Technologies (NYSE:FET) announced its quarterly earnings results on Thursday. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03, Zacks reports. The firm had revenue of $208.70 million during the quarter, compared to the consensus estimate of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.06%.

Forum Energy Technologies Trading Down 7.1%

NYSE:FET traded down $4.44 during trading hours on Friday, reaching $58.43. The company’s stock had a trading volume of 451,226 shares, compared to its average volume of 133,085. The firm has a market capitalization of $662.01 million, a price-to-earnings ratio of -65.65, a PEG ratio of 3.89 and a beta of 0.60. The firm has a 50-day simple moving average of $59.00 and a 200-day simple moving average of $44.36. Forum Energy Technologies has a 1 year low of $13.55 and a 1 year high of $65.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.01 and a current ratio of 2.17.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FET. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Insider Buying and Selling

In related news, EVP John C. Ivascu sold 4,392 shares of Forum Energy Technologies stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total value of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares in the company, valued at $4,896,755.99. This trade represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Forum Energy Technologies

A number of large investors have recently added to or reduced their stakes in FET. Meeder Asset Management Inc. purchased a new position in Forum Energy Technologies in the 4th quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Forum Energy Technologies in the 4th quarter worth $37,000. Tower Research Capital LLC TRC grew its holdings in Forum Energy Technologies by 558.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after acquiring an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Forum Energy Technologies in the 4th quarter worth $75,000. Finally, Osaic Holdings Inc. bought a new stake in Forum Energy Technologies in the 2nd quarter worth $78,000. 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.