Forum Energy Technologies, Inc. (NYSE:FET – Get Free Report)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $50.23, but opened at $48.33. Forum Energy Technologies shares last traded at $48.9660, with a volume of 6,868 shares changing hands.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on FET shares. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce”.
Check Out Our Latest Research Report on Forum Energy Technologies
Forum Energy Technologies Trading Up 2.5%
Forum Energy Technologies (NYSE:FET – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. The business had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. Research analysts predict that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the transaction, the senior vice president directly owned 54,139 shares of the company’s stock, 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 legal filing with the SEC, which is available through the SEC website. Insiders own 7.70% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new position in Forum Energy Technologies in the 4th quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Forum Energy Technologies during the fourth quarter worth about $37,000. Tower Research Capital LLC TRC raised its position in shares of Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of Forum Energy Technologies in the fourth quarter valued at approximately $75,000. Finally, Osaic Holdings Inc. purchased a new position in shares of Forum Energy Technologies during the second quarter valued at approximately $78,000. Institutional investors and hedge funds 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.
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