Short Interest in Forum Energy Technologies, Inc. (NYSE:FET) Increases By 58.5%

Key Points

• Short interest jumped 58.5% to 489,517 shares as of April 15, representing about 4.7% of the stock and a short-interest ratio of 3.3 days.
• Insider sale: EVP John C. Ivascu sold 4,392 shares at an average $60.01 on March 2, reducing his stake by 5.11%; insiders collectively own 7.70% of the company.
• Analyst sentiment is mixed but leans negative—one Hold and one Sell on file with a MarketBeat consensus of "Reduce"—while the stock recently traded at $63.29 (50‑day/200‑day averages $58.30/$43.82).

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totaling 489,517 shares, an increase of 58.5% from the March 31st total of 308,822 shares. Approximately 4.7% of the company's stock are sold short. Based on an average trading volume of 148,941 shares, the short-interest ratio is presently 3.3 days.

Insider Activity

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of the firm's 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 sale, the executive vice president directly owned 81,599 shares in the company, valued at $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.70% of the company's stock.

Hedge Funds Weigh In On Forum Energy Technologies

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

Analyst Ratings Changes

FET has been the topic of a number of analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 7th. Finally, Zacks Research cut Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 24th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce".

Forum Energy Technologies Stock Performance

Shares of FET traded up $1.36 during midday trading on Monday, reaching $63.29. 158,716 shares of the stock were exchanged, compared to its average volume of 148,496. The business's 50-day moving average price is $58.30 and its 200 day moving average price is $43.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01. Forum Energy Technologies has a twelve month low of $13.55 and a twelve month high of $65.43. The company has a market capitalization of $717.12 million, a price-to-earnings ratio of -71.12, a PEG ratio of 3.83 and a beta of 0.58.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, topping 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. On average, sell-side analysts expect that Forum Energy Technologies will post 2.02 EPS for the current fiscal year.

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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