Forum Energy Technologies (NYSE:FET) Posts Earnings Results, Beats Expectations 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 for the quarter, topping analysts’ consensus estimates of $0.57 by $0.59, FiscalAI reports. The firm had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%.

Forum Energy Technologies Stock Up 1.0%

Shares of NYSE:FET traded up $0.53 on Thursday, hitting $51.64. 141,166 shares of the company’s stock were exchanged, compared to its average volume of 196,023. Forum Energy Technologies has a 1-year low of $18.12 and a 1-year high of $65.43. The company has a market capitalization of $583.53 million, a PE ratio of -87.52, a P/E/G ratio of 3.04 and a beta of 0.54. 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 firm’s 50-day moving average is $51.99 and its 200 day moving average is $53.43.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FET. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, 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. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Insider Buying and Selling at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the sale, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. The trade was 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 the SEC website. Company insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC lifted its position in shares of Forum Energy Technologies by 8.8% during the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after buying an additional 1,127 shares during the last quarter. Ieq Capital LLC acquired a new position in shares of Forum Energy Technologies in the 4th quarter valued at $260,000. Man Group plc grew its position in shares of Forum Energy Technologies by 12.0% in the 2nd quarter. Man Group plc now owns 13,275 shares of the oil and gas company’s stock valued at $258,000 after buying an additional 1,426 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Forum Energy Technologies in the 3rd quarter valued at $236,000. Finally, Russell Investments Group Ltd. raised its stake in Forum Energy Technologies by 401.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 8,824 shares of the oil and gas company’s stock worth $236,000 after acquiring an additional 7,065 shares in the last quarter. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

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.