Forum Energy Technologies, Inc. (NYSE:FET) Sees Significant Increase in Short Interest

Forum Energy Technologies, Inc. (NYSE:FET) saw a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 146,400 shares, a growth of 35.6% from the February 13th total of 108,000 shares. Based on an average daily volume of 75,200 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.3% of the company’s stock are short sold.

Forum Energy Technologies Stock Performance

Shares of NYSE FET traded up $0.16 during trading on Tuesday, reaching $19.63. 17,636 shares of the company traded hands, compared to its average volume of 68,496. The firm has a 50 day simple moving average of $18.15 and a 200-day simple moving average of $16.36. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $242.41 million, a PE ratio of -1.79 and a beta of 2.33. Forum Energy Technologies has a 52-week low of $12.83 and a 52-week high of $20.54.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.58). The company had revenue of $201.00 million for the quarter, compared to analysts’ expectations of $201.85 million. Forum Energy Technologies had a negative net margin of 16.57% and a negative return on equity of 2.39%.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Thursday, March 6th.

Insider Activity at Forum Energy Technologies

In related news, CEO Neal Lux purchased 9,129 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $17.65 per share, with a total value of $161,126.85. Following the acquisition, the chief executive officer now directly owns 212,250 shares in the company, valued at $3,746,212.50. The trade was a 4.49 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors have recently made changes to their positions in FET. SCF Partners Inc. bought a new position in shares of Forum Energy Technologies in the 3rd quarter worth approximately $12,843,000. Crossingbridge Advisors LLC bought a new stake in Forum Energy Technologies during the 3rd quarter worth approximately $3,721,000. JPMorgan Chase & Co. raised its stake in Forum Energy Technologies by 445.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company’s stock worth $747,000 after acquiring an additional 39,364 shares during the period. Bank of America Corp DE grew its holdings in Forum Energy Technologies by 57.3% during the 4th quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company’s stock valued at $1,605,000 after buying an additional 37,744 shares in the last quarter. Finally, Icon Wealth Advisors LLC grew its holdings in Forum Energy Technologies by 44.4% during the 3rd quarter. Icon Wealth Advisors LLC now owns 91,758 shares of the oil and gas company’s stock valued at $1,419,000 after buying an additional 28,225 shares in the last quarter. Institutional investors 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.