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

Forum Energy Technologies, Inc. (NYSE:FET) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 146,400 shares, an increase of 35.6% from the February 13th total of 108,000 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily volume of 75,200 shares, the days-to-cover ratio is presently 1.9 days.

Wall Street Analysts Forecast Growth

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

Insider Activity at Forum Energy Technologies

In other news, CEO Neal Lux acquired 9,129 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $17.65 per share, with a total value of $161,126.85. Following the completion of the purchase, the chief executive officer now directly owns 212,250 shares of the company’s stock, valued at $3,746,212.50. This represents a 4.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Forum Energy Technologies

A number of large investors have recently added to or reduced their stakes in FET. SCF Partners Inc. bought a new position in Forum Energy Technologies in the third quarter worth about $12,843,000. Crossingbridge Advisors LLC bought a new position in Forum Energy Technologies in the third quarter worth about $3,721,000. JPMorgan Chase & Co. grew its stake in shares of Forum Energy Technologies by 445.0% during the fourth 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 last quarter. Bank of America Corp DE grew its stake in shares of Forum Energy Technologies by 57.3% during the fourth quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company’s stock worth $1,605,000 after acquiring an additional 37,744 shares during the last quarter. Finally, Icon Wealth Advisors LLC grew its stake in shares of Forum Energy Technologies by 44.4% during the third quarter. Icon Wealth Advisors LLC now owns 91,758 shares of the oil and gas company’s stock worth $1,419,000 after acquiring an additional 28,225 shares during the last quarter. 65.60% of the stock is currently owned by institutional investors.

Forum Energy Technologies Trading Up 0.8 %

Shares of NYSE:FET traded up $0.16 on Tuesday, hitting $19.63. 17,636 shares of the company’s stock were exchanged, compared to its average volume of 68,496. Forum Energy Technologies has a 12 month low of $12.83 and a 12 month high of $20.54. The stock has a market capitalization of $242.41 million, a price-to-earnings ratio of -1.79 and a beta of 2.33. The business’s 50 day simple moving average is $18.15 and its two-hundred day simple moving average is $16.36. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 0.87.

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

About Forum Energy Technologies

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.