Short Interest in Forum Energy Technologies, Inc. (NYSE:FET) Declines By 9.0%

Forum Energy Technologies, Inc. (NYSE:FET) was the target of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 162,400 shares, a decrease of 9.0% from the July 15th total of 178,400 shares. Based on an average daily volume of 47,600 shares, the days-to-cover ratio is presently 3.4 days. Currently, 1.5% of the shares of the stock are short sold.

Forum Energy Technologies Price Performance

Shares of FET traded up $0.46 during mid-day trading on Monday, hitting $16.53. The company’s stock had a trading volume of 347,395 shares, compared to its average volume of 41,298. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.83 and a quick ratio of 1.26. The firm has a 50-day moving average price of $16.75 and a 200 day moving average price of $18.15. Forum Energy Technologies has a fifty-two week low of $14.84 and a fifty-two week high of $26.36. The stock has a market capitalization of $203.05 million, a price-to-earnings ratio of -6.87 and a beta of 2.53.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.11). Forum Energy Technologies had a negative return on equity of 1.39% and a negative net margin of 3.34%. The business had revenue of $205.20 million during the quarter. During the same quarter last year, the business posted $0.10 EPS.

Insider Buying and Selling

In related news, CEO Neal Lux acquired 4,500 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $15.22 per share, for a total transaction of $68,490.00. Following the completion of the acquisition, the chief executive officer now directly owns 145,890 shares of the company’s stock, valued at approximately $2,220,445.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Icon Wealth Advisors LLC acquired a new position in shares of Forum Energy Technologies in the 4th quarter valued at $2,034,000. Empowered Funds LLC purchased a new stake in Forum Energy Technologies during the first quarter valued at about $221,000. Panagora Asset Management Inc. boosted its holdings in shares of Forum Energy Technologies by 20.4% in the fourth quarter. Panagora Asset Management Inc. now owns 18,795 shares of the oil and gas company’s stock worth $417,000 after buying an additional 3,186 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Forum Energy Technologies by 0.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 253,898 shares of the oil and gas company’s stock worth $5,073,000 after acquiring an additional 806 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Forum Energy Technologies by 0.7% during the first quarter. Vanguard Group Inc. now owns 538,148 shares of the oil and gas company’s stock valued at $10,752,000 after acquiring an additional 3,516 shares during the period. 65.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Monday, May 6th.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.