Forum Energy Technologies (NYSE:FET) Issues Quarterly Earnings Results

Forum Energy Technologies (NYSE:FET) released its earnings results on Thursday. The oil and gas company reported ($0.19) earnings per share for the quarter, reports. The company had revenue of $207.80 million during the quarter. Forum Energy Technologies had a negative return on equity of 1.37% and a negative net margin of 3.34%. Forum Energy Technologies updated its Q4 2024 guidance to EPS.

Forum Energy Technologies Trading Down 0.1 %

NYSE:FET opened at $13.96 on Friday. The company has a market cap of $171.43 million, a PE ratio of -6.18 and a beta of 2.44. The business’s 50 day moving average is $15.77 and its two-hundred day moving average is $16.90. The company has a quick ratio of 1.19, a current ratio of 2.69 and a debt-to-equity ratio of 0.56. Forum Energy Technologies has a 52 week low of $12.83 and a 52 week high of $24.48.

Insider Activity

In other news, CEO Neal Lux acquired 4,500 shares of Forum Energy Technologies stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average cost of $15.22 per share, for a total transaction of $68,490.00. Following the completion of the purchase, the chief executive officer now directly owns 145,890 shares of the company’s stock, valued at $2,220,445.80. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently bought and sold shares of FET. Empowered Funds LLC bought a new position in shares of Forum Energy Technologies during the first quarter valued at approximately $221,000. Rhumbline Advisers grew its stake in Forum Energy Technologies by 24.5% during the 2nd quarter. Rhumbline Advisers now owns 17,483 shares of the oil and gas company’s stock worth $295,000 after buying an additional 3,437 shares during the last quarter. Squarepoint Ops LLC increased its position in Forum Energy Technologies by 123.9% in the second quarter. Squarepoint Ops LLC now owns 31,044 shares of the oil and gas company’s stock worth $523,000 after buying an additional 17,177 shares during the period. Bank of New York Mellon Corp lifted its stake in Forum Energy Technologies by 19.5% in the second quarter. Bank of New York Mellon Corp now owns 55,691 shares of the oil and gas company’s stock valued at $939,000 after buying an additional 9,090 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Forum Energy Technologies by 21.8% during the second quarter. Renaissance Technologies LLC now owns 79,900 shares of the oil and gas company’s stock valued at $1,347,000 after acquiring an additional 14,300 shares during the period. Institutional investors and hedge funds own 65.60% of the company’s stock.

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.