Forum Energy Technologies (NYSE:FET) Stock Price Down 6.8% – Should You Sell?

Forum Energy Technologies, Inc. (NYSE:FET) shares dropped 6.8% during mid-day trading on Friday . The stock traded as low as $55.38 and last traded at $56.0850. Approximately 179,714 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 225,833 shares. The stock had previously closed at $60.19.

Wall Street Analysts Forecast Growth

FET has been the topic of several research analyst reports. Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Forum Energy Technologies has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Down 6.9%

The stock has a market cap of $634.98 million, a price-to-earnings ratio of -62.97, a price-to-earnings-growth ratio of 3.64 and a beta of 0.58. The firm’s fifty day moving average price is $56.85 and its two-hundred day moving average price is $41.98. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.The business had revenue of $202.20 million for the quarter, compared to the consensus estimate of $190.50 million.

Insider Activity

In other news, EVP John C. Ivascu sold 4,392 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $60.01, for a total transaction of $263,563.92. Following the completion of the sale, the executive vice president directly owned 81,599 shares of the company’s stock, valued at $4,896,755.99. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in Forum Energy Technologies in the 1st quarter valued at $126,000. Hsbc Holdings PLC boosted its holdings in Forum Energy Technologies by 24.4% during the 4th quarter. Hsbc Holdings PLC now owns 25,810 shares of the oil and gas company’s stock worth $959,000 after acquiring an additional 5,063 shares during the last quarter. Invesco Ltd. grew its stake in shares of Forum Energy Technologies by 461.5% in the 4th quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock worth $3,703,000 after acquiring an additional 82,363 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Forum Energy Technologies by 17.3% in the 4th quarter. Mackenzie Financial Corp now owns 57,907 shares of the oil and gas company’s stock worth $2,161,000 after acquiring an additional 8,539 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Forum Energy Technologies by 81.8% in the fourth quarter. Empowered Funds LLC now owns 60,254 shares of the oil and gas company’s stock valued at $2,226,000 after purchasing an additional 27,118 shares during the last quarter. 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.