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

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) was the target of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 145,400 shares, a decrease of 13.5% from the April 30th total of 168,000 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average daily volume of 71,500 shares, the short-interest ratio is currently 2.0 days.

Insider Activity

In related news, CEO Neal Lux acquired 9,129 shares of Forum Energy Technologies stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average price of $17.65 per share, for a total transaction of $161,126.85. Following the completion of the transaction, the chief executive officer now owns 212,250 shares in the company, valued at $3,746,212.50. This represents a 4.49% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in Forum Energy Technologies by 63.7% during the 4th quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company's stock valued at $34,000 after buying an additional 859 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at approximately $269,000. American Century Companies Inc. increased its position in Forum Energy Technologies by 41.0% during the fourth quarter. American Century Companies Inc. now owns 71,940 shares of the oil and gas company's stock worth $1,114,000 after acquiring an additional 20,925 shares during the period. Renaissance Technologies LLC increased its holdings in Forum Energy Technologies by 20.4% in the 4th quarter. Renaissance Technologies LLC now owns 105,075 shares of the oil and gas company's stock valued at $1,628,000 after buying an additional 17,775 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Forum Energy Technologies by 445.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company's stock valued at $747,000 after purchasing an additional 39,364 shares in the last quarter. Institutional investors and hedge funds own 65.60% of the company's stock.

Forum Energy Technologies Price Performance

Shares of FET traded up $0.73 on Friday, reaching $16.52. The stock had a trading volume of 57,753 shares, compared to its average volume of 62,829. Forum Energy Technologies has a twelve month low of $12.78 and a twelve month high of $21.57. 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 firm has a 50-day moving average of $15.04 and a 200 day moving average of $16.58. The firm has a market capitalization of $204.33 million, a PE ratio of -1.50 and a beta of 0.80.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its earnings results on Thursday, May 1st. The oil and gas company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.39). The firm had revenue of $193.30 million during the quarter, compared to analysts' expectations of $196.45 million. Forum Energy Technologies had a negative return on equity of 2.39% and a negative net margin of 16.57%. During the same period last year, the business posted ($0.12) earnings per share.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Forum Energy Technologies from a "hold" rating to a "buy" rating in a report on Tuesday, May 6th.

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.