Forum Energy Technologies (NYSE:FET) Stock Price Down 6.8% - Should You Sell?

Key Points

• Forum Energy Technologies shares fell 6.8% to about $76.61 in mid-day trading, with trading volume below the stock’s average.
• Analyst sentiment is mixed but leans positive: Wall Street Zen and Zacks upgraded the stock to “strong buy,” while Weiss Ratings maintained a “sell” rating; the overall consensus is “Moderate Buy.”
• The company exceeded quarterly expectations, reporting $1.16 in EPS versus the $0.56 estimate and revenue of $226.22 million versus $212.35 million, though insiders have sold 11,500 shares worth approximately $877,615 over the past three months.

Shares of Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) were down 6.8% during mid-day trading on Thursday. The stock traded as low as $76.83 and last traded at $76.61. Approximately 144,161 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 197,600 shares. The stock had previously closed at $82.21.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FET. Wall Street Zen raised Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

Forum Energy Technologies Stock Down 5.9%

The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 2.19. The firm has a market capitalization of $870.10 million, a price-to-earnings ratio of -516.51, a PEG ratio of 2.65 and a beta of 0.68. The firm has a fifty day moving average price of $81.51 and a 200 day moving average price of $64.66.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $226.22 million during the quarter, compared to analysts' expectations of $212.35 million. As a group, sell-side analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Michael Danford sold 1,500 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the sale, the senior vice president directly owned 52,639 shares in the company, valued at approximately $4,153,743.49. This represents a 2.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John C. Ivascu sold 5,000 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total transaction of $353,150.00. Following the transaction, the executive vice president directly owned 85,512 shares in the company, valued at approximately $6,039,712.56. The trade was a 5.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 11,500 shares of company stock valued at $877,615. Insiders own 7.70% of the company's stock.

Institutional Trading of Forum Energy Technologies

Several large investors have recently added to or reduced their stakes in FET. GAMMA Investing LLC raised its position in shares of Forum Energy Technologies by 39.6% in the 3rd quarter. GAMMA Investing LLC now owns 666 shares of the oil and gas company's stock valued at $54,000 after acquiring an additional 189 shares during the period. IFP Advisors Inc increased its position in shares of Forum Energy Technologies by 23.6% in the 2nd quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company's stock valued at $65,000 after buying an additional 246 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Forum Energy Technologies in the third quarter valued at about $28,000. Integrated Wealth Concepts LLC bought a new stake in shares of Forum Energy Technologies in the second quarter worth about $33,000. Finally, WINTON GROUP Ltd lifted its holdings in shares of Forum Energy Technologies by 25.1% during the 2nd quarter. WINTON GROUP Ltd now owns 7,673 shares of the oil and gas company's stock valued at $385,000 after purchasing an additional 1,539 shares in the last quarter. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc is an oilfield services and manufacturing company that develops and supplies equipment used in the exploration, drilling, completion and production of oil and natural gas wells. The company serves oil and gas operators, drilling contractors and other energy-service businesses.

Its product portfolio includes drilling and downhole tools, equipment for well completions, pressure-control and production equipment, and subsea products used in offshore energy operations.

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