Forum Energy Technologies (NYSE:FET) Trading Down 14.3% - What's Next?

Key Points

• Shares plunged 14.3%, falling to about $53.86 from a prior close of $62.87 on light volume (≈38,694 shares, down ~82% vs. the 213,637 average).
• Analyst sentiment is mixed: one firm rates FET a Sell while others upgraded to Strong-Buy, leaving a MarketBeat average of "Moderate Buy."
• Forum beat the latest quarter with $0.47 EPS (vs. $0.44 est.) and $208.7M revenue (vs. $201.3M est.), but the company still shows a negative net margin and a trailing negative P/E amid a $659M market cap.

Shares of Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) dropped 14.3% on Friday . The company traded as low as $54.83 and last traded at $53.8570. Approximately 38,694 shares were traded during trading, a decline of 82% from the average daily volume of 213,637 shares. The stock had previously closed at $62.87.

Analyst Ratings Changes

FET has been the topic of a number of research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 24th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 7th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy".

Forum Energy Technologies Price Performance

The business has a 50-day simple moving average of $59.00 and a 200 day simple moving average of $44.36. The stock has a market cap of $658.95 million, a P/E ratio of -64.47, a price-to-earnings-growth ratio of 3.99 and a beta of 0.58. The company has a current ratio of 2.17, a quick ratio of 1.01 and a debt-to-equity ratio of 0.46.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.The firm had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. On average, analysts forecast that Forum Energy Technologies, Inc. will post 2.02 earnings per share for the current year.

Insider Activity at Forum Energy Technologies

In related news, EVP John C. Ivascu sold 4,392 shares of the company's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $263,563.92. Following the sale, the executive vice president owned 81,599 shares in the company, valued at $4,896,755.99. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. New York State Teachers Retirement System bought a new stake in shares of Forum Energy Technologies during the 3rd quarter valued at about $27,000. Meeder Asset Management Inc. bought a new stake in shares of Forum Energy Technologies during the 4th quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Forum Energy Technologies during the 4th quarter valued at about $37,000. Tower Research Capital LLC TRC boosted its position in shares of Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company's stock valued at $41,000 after purchasing an additional 1,771 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Forum Energy Technologies by 166.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company's stock valued at $43,000 after purchasing an additional 1,010 shares in the last quarter. Institutional investors own 65.60% of the company's stock.

Forum Energy Technologies Company Profile

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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