Insider Selling: Forum Energy Technologies (NYSE:FET) SVP Sells 1,500 Shares

Key Points

• Forum Energy Technologies SVP Michael Dewayne Danford sold 1,500 shares at an average price of $78.91, generating $118,365. Following the transaction, he owned 52,639 shares, a 2.77% reduction in his holdings.
• FET shares rose 5.9% to $83.08 during Tuesday trading, near the company’s 52-week high of $83.18. The company recently reported quarterly EPS of $1.16, exceeding the $0.56 analyst consensus, while revenue also surpassed estimates.
• Analyst views remain mixed but lean positive, with Zacks Research and Wall Street Zen upgrading the stock to “strong buy,” despite a “sell” rating from Weiss Ratings. Institutional investors own approximately 65.6% of the company’s shares.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) SVP Michael Dewayne Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the sale, the senior vice president owned 52,639 shares of the company's stock, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Michael Dewayne Danford also recently made the following trade(s):

• On Wednesday, May 13th, Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies stock. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00.

Forum Energy Technologies Trading Up 5.9%

NYSE FET traded up $4.66 during mid-day trading on Tuesday, reaching $83.08. 228,996 shares of the stock were exchanged, compared to its average volume of 202,305. Forum Energy Technologies, Inc. has a 1-year low of $21.95 and a 1-year high of $83.18. The business's fifty day simple moving average is $54.52 and its 200 day simple moving average is $55.08. The stock has a market capitalization of $934.64 million, a PE ratio of -553.82, a PEG ratio of 3.03 and a beta of 0.53. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 2.19.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FET shares. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 2nd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Forum Energy Technologies currently has an average rating of "Moderate Buy".

Institutional Trading of Forum Energy Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in shares of Forum Energy Technologies in the 2nd quarter worth $123,000. BlackRock Inc. purchased a new stake in Forum Energy Technologies during the second quarter valued at about $47,765,000. Deutsche Bank AG acquired a new stake in Forum Energy Technologies during the second quarter worth about $629,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Forum Energy Technologies in the 2nd quarter worth about $1,444,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Forum Energy Technologies in the 2nd quarter valued at about $2,545,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

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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