Forum Energy Technologies (NYSE:FET) Stock Price Down 6.8% - Here's What Happened

Key Points

• Forum Energy Technologies was down 6.8% mid-day on Friday, trading as low as $55.38 and last around $56.09, with volume of ~179,714 shares—about 20% below its average daily volume.
• The company beat quarterly expectations (EPS $0.41 vs. $0.36 expected; revenue $202.2M vs. $190.5M) but still posts a negative net margin (−1.22%) and a negative P/E (−62.97), with a market cap of roughly $635M.
• Analyst sentiment is mixed (Zacks cut to Hold, Wall Street Zen upgraded to Strong-Buy, Weiss Ratings remains Sell), leaving an average rating of "Reduce"; insiders sold shares (EVP sold 4,392) while institutions own about 65.6% of the stock.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s share price was down 6.8% during mid-day trading on Friday . The company traded as low as $55.38 and last traded at $56.0850. Approximately 179,714 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 225,833 shares. The stock had previously closed at $60.19.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FET shares. Zacks Research cut shares of Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 24th. Wall Street Zen upgraded shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Forum Energy Technologies has an average rating of "Reduce".

Forum Energy Technologies Stock Down 6.9%

The stock has a market cap of $634.98 million, a P/E ratio of -62.97, a price-to-earnings-growth ratio of 3.64 and a beta of 0.58. The firm has a 50 day simple moving average of $56.85 and a 200-day simple moving average of $41.98. The company has a quick ratio of 1.01, a current ratio of 2.17 and a debt-to-equity ratio of 0.46.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.36 by $0.05. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.The business had revenue of $202.20 million for the quarter, compared to analysts' expectations of $190.50 million.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of Forum Energy Technologies stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total value of $263,563.92. Following the completion of the transaction, the executive vice president directly owned 81,599 shares of the company's stock, valued at $4,896,755.99. The trade was a 5.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FET. JB Capital Partners LP raised its position in shares of Forum Energy Technologies by 68.2% in the 3rd quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company's stock valued at $3,227,000 after buying an additional 49,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Forum Energy Technologies by 62.3% in the third quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company's stock valued at $7,006,000 after acquiring an additional 100,720 shares during the last quarter. Ritholtz Wealth Management acquired a new position in Forum Energy Technologies during the fourth quarter valued at approximately $1,196,000. Strs Ohio raised its position in Forum Energy Technologies by 468.4% during the third quarter. Strs Ohio now owns 21,600 shares of the oil and gas company's stock valued at $577,000 after purchasing an additional 17,800 shares in the last quarter. Finally, Osaic Holdings Inc. bought a new stake in Forum Energy Technologies during the second quarter worth $78,000. 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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