Forum Energy Technologies (NYSE:FET) Stock Jumps 7.5% – Here’s What Happened

Forum Energy Technologies, Inc. (NYSE:FET)’s share price was up 7.5% on Monday. The stock traded as high as $84.71 and last traded at $84.64. 152,747 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 197,342 shares. The stock had previously closed at $78.70.

Analysts Set New Price Targets

FET has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Forum Energy Technologies presently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Up 8.2%

The stock has a market capitalization of $957.48 million, a price-to-earnings ratio of -567.56, a price-to-earnings-growth ratio of 2.45 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 firm has a 50-day moving average of $81.65 and a two-hundred day moving average of $64.92.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.56 by $0.60. The business had revenue of $226.22 million during the quarter, compared to analysts’ expectations of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. As a group, sell-side analysts anticipate that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current year.

Insider Activity at Forum Energy Technologies

In related news, SVP Michael Danford sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares of the company’s stock, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Ivascu sold 5,000 shares of Forum Energy Technologies stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the sale, the executive vice president directly owned 85,512 shares of the company’s stock, valued at approximately $6,039,712.56. The trade was a 5.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 11,500 shares of company stock worth $877,615. Insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue bought a new position in Forum Energy Technologies in the 3rd quarter worth approximately $28,000. GAMMA Investing LLC boosted its position in shares of Forum Energy Technologies by 39.6% during the 3rd quarter. GAMMA Investing LLC now owns 666 shares of the oil and gas company’s stock valued at $54,000 after acquiring an additional 189 shares in the last quarter. WINTON GROUP Ltd increased its stake in Forum Energy Technologies by 25.1% in the second quarter. WINTON GROUP Ltd now owns 7,673 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 1,539 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Forum Energy Technologies in the 2nd quarter valued at approximately $33,000. Finally, IFP Advisors Inc grew its position in Forum Energy Technologies by 23.6% in the second quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company’s stock valued at $65,000 after acquiring an additional 246 shares during the period. 65.60% of the stock is owned by institutional investors and hedge funds.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc is an oilfield services and manufacturing company that develops and supplies equipment used in the exploration, drilling, completion and production of oil and natural gas wells. The company serves oil and gas operators, drilling contractors and other energy-service businesses.

Its product portfolio includes drilling and downhole tools, equipment for well completions, pressure-control and production equipment, and subsea products used in offshore energy operations.