Key Points
- Executive sale: Forum Energy Technologies EVP John Ivascu sold 5,000 shares at an average price of $70.63, worth $353,150, reducing his direct ownership by 5.52%. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
- Strong quarterly results: Forum Energy reported earnings of $1.16 per share, beating estimates of $0.56, while revenue of $226.22 million exceeded expectations of $212.35 million. The stock opened at $74.07, near its 12-month high of $74.77.
- Mixed outlook: Analyst opinions remain divided, with ratings ranging from “strong-buy” to “sell” and an average MarketBeat rating of “Reduce.” Institutional investors own 65.60% of the company’s shares.
Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) EVP John Ivascu sold 5,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Forum Energy Technologies Stock Up 5.3%
FET opened at $74.07 on Wednesday. Forum Energy Technologies, Inc. has a 12 month low of $18.12 and a 12 month high of $74.77. The business has a 50-day moving average of $52.59 and a two-hundred day moving average of $54.12. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.09. The stock has a market capitalization of $833.31 million, a price-to-earnings ratio of -493.78, a price-to-earnings-growth ratio of 4.07 and a beta of 0.53.
Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The business had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. On average, research analysts expect that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on FET. Zacks Research lowered shares of Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce".
Read Our Latest Report on Forum Energy Technologies
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. acquired a new position in Forum Energy Technologies during the fourth quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Forum Energy Technologies in the fourth quarter worth $37,000. Tower Research Capital LLC TRC raised its stake in shares of 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. Kemnay Advisory Services Inc. purchased a new position in shares of Forum Energy Technologies in the 4th quarter valued at $75,000. Finally, Osaic Holdings Inc. acquired a new position in shares of Forum Energy Technologies during the 2nd quarter valued at $78,000. Hedge funds and other institutional investors own 65.60% of the company's stock.
About Forum Energy Technologies
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
