Forum Energy Technologies (NYSE:FET) EVP Sells $406,100.00 in Stock

Key Points

• EVP John Ivascu sold 5,000 Forum Energy Technologies shares at an average price of $81.22, totaling $406,100, under a pre-arranged Rule 10b5-1 trading plan. His remaining direct ownership fell 5.85% to 80,512 shares.
• FET shares traded at $83.20, near their 12-month high of $84.75, while the company reported quarterly EPS of $1.16—beating analyst expectations of $0.56—and revenue of $226.22 million.
• Analyst sentiment was mixed but averaged a “Moderate Buy,” with two firms upgrading the stock to “strong buy” and another maintaining a “sell” rating; institutional investors own 65.6% of outstanding shares.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) EVP John Ivascu sold 5,000 shares of Forum Energy Technologies stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total value of $406,100.00. Following the transaction, the executive vice president directly owned 80,512 shares in the company, valued at approximately $6,539,184.64. This trade represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Forum Energy Technologies Stock Performance

Shares of FET stock traded up $0.13 during trading hours on Wednesday, hitting $83.20. The stock had a trading volume of 178,166 shares, compared to its average volume of 202,148. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The firm has a market capitalization of $936 million, a PE ratio of -554.63, a PEG ratio of 3.20 and a beta of 0.53. The stock's 50 day moving average is $55.13 and its 200 day moving average is $55.37. Forum Energy Technologies, Inc. has a twelve month low of $22.17 and a twelve month high of $84.75.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.60. The business had revenue of $226.22 million for the quarter, compared to analysts' expectations of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. As a group, research analysts forecast that Forum Energy Technologies, Inc. will post 3.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FET has been the topic of several analyst reports. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy".

Institutional Investors Weigh In On Forum Energy Technologies

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC grew its holdings in Forum Energy Technologies by 8.8% in the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company's stock valued at $280,000 after buying an additional 1,127 shares during the period. Jane Street Group LLC increased its holdings in Forum Energy Technologies by 53.6% in the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company's stock valued at $402,000 after purchasing an additional 6,971 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company's stock valued at $3,146,000 after buying an additional 108,490 shares during the period. Rhumbline Advisers raised its stake in shares of Forum Energy Technologies by 9.4% during the second quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company's stock valued at $403,000 after purchasing an additional 1,781 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Forum Energy Technologies during the second quarter worth $188,000. Institutional investors and hedge funds own 65.60% of the company's stock.

About Forum Energy Technologies

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company's offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.

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