Forum Energy Technologies (NYSE:FET) Trading Down 5.1% - Should You Sell?

Key Points

• Forum Energy Technologies shares fell 5.1% to about $77.72 in midday trading, on volume substantially below the stock’s average.
• The company recently beat quarterly expectations, reporting $1.16 in adjusted earnings per share versus a $0.56 consensus estimate, while revenue of $226.22 million also exceeded forecasts.
• Analyst sentiment is mixed but averages to a “Moderate Buy”; meanwhile, insiders sold 11,500 shares worth approximately $877,615 over the past 90 days.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) shares were down 5.1% during mid-day trading on Friday . The company traded as low as $78.17 and last traded at $77.7210. 55,114 shares were traded during trading, a decline of 72% from the average daily volume of 199,088 shares. The stock had previously closed at $81.87.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FET. Zacks Research raised Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Forum Energy Technologies has an average rating of "Moderate Buy".

Forum Energy Technologies Trading Down 5.5%

The company has a market capitalization of $870.52 million, a P/E ratio of -515.72, a price-to-earnings-growth ratio of 2.56 and a beta of 0.59. The company has a fifty day simple moving average of $65.13 and a two-hundred day simple moving average of $59.51. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share 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 the consensus estimate of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. On average, analysts forecast that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP John C. Ivascu sold 5,000 shares of Forum Energy Technologies stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total value of $406,100.00. Following the transaction, the executive vice president owned 80,512 shares in the company, valued at $6,539,184.64. This trade represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction on Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the transaction, the senior vice president owned 52,639 shares in the company, valued at $4,153,743.49. This trade represents a 2.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 11,500 shares of company stock valued at $877,615 over the last 90 days. 7.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new position in shares of Forum Energy Technologies during the 4th quarter worth about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies in the 4th quarter valued at approximately $37,000. Legal & General Group Plc bought a new position in Forum Energy Technologies in the 2nd quarter worth approximately $96,000. Kemnay Advisory Services Inc. bought a new position in Forum Energy Technologies in the 4th quarter worth approximately $75,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Forum Energy Technologies by 558.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company's stock worth $41,000 after buying an additional 1,771 shares during the last quarter. 65.60% of the stock is 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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