Key Points
- Forum Energy Technologies EVP John Ivascu sold 700 shares at an average price of $90.08, generating $63,056. After the sale, he retained 79,812 shares valued at approximately $7.19 million.
- FET shares opened at $90.15, near their 52-week high of $91.41, while the company’s latest quarterly results beat expectations with earnings of $1.16 per share versus the $0.56 consensus estimate.
- Institutional investors own 65.6% of the stock, but analyst sentiment remains cautious: ratings include Hold and Sell, giving FET an average “Reduce” rating.
Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) EVP John Ivascu sold 700 shares of the stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $90.08, for a total transaction of $63,056.00. Following the completion of the sale, the executive vice president owned 79,812 shares of the company's stock, valued at approximately $7,189,464.96. The trade was a 0.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Forum Energy Technologies Trading Up 1.4%
FET opened at $90.15 on Wednesday. The firm's fifty day moving average price is $82.14 and its two-hundred day moving average price is $62.04. Forum Energy Technologies, Inc. has a fifty-two week low of $26.00 and a fifty-two week high of $91.41.
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 for the quarter, beating the consensus estimate of $0.56 by $0.60. The company had revenue of $226.22 million during the quarter, compared to the consensus estimate of $212.35 million. On average, sell-side analysts anticipate that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.
Institutional Investors Weigh In On Forum Energy Technologies
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JB Capital Partners LP bought a new position in shares of Forum Energy Technologies in the second quarter worth about $6,067,784. Arrowstreet Capital Limited Partnership lifted its position in shares of Forum Energy Technologies by 66.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company's stock worth $8,940,000 after purchasing an additional 60,711 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of Forum Energy Technologies in the 2nd quarter valued at about $1,811,000. Public Employees Retirement System of Ohio bought a new position in shares of Forum Energy Technologies during the 2nd quarter worth approximately $997,000. Finally, Deutsche Bank AG bought a new stake in Forum Energy Technologies in the second quarter valued at $629,000. 65.60% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
FET has been the topic of several recent research reports. Zacks Research lowered shares of Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Thursday, October 15th. Finally, Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce".
Check Out Our Latest Stock Analysis on Forum Energy Technologies
About Forum Energy Technologies
(
Get Free Report)
Forum Energy Technologies, Inc (NYSE:FET) is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.
Forum's product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.
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