Forum Energy Technologies, Inc. (NYSE:FET) Short Interest Up 35.6% in October

Forum Energy Technologies, Inc. (NYSE:FET) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 262,200 shares, a growth of 35.6% from the September 30th total of 193,400 shares. Based on an average daily trading volume, of 105,700 shares, the days-to-cover ratio is presently 2.5 days. Currently, 2.4% of the company’s shares are sold short. Currently, 2.4% of the company’s shares are sold short. Based on an average daily trading volume, of 105,700 shares, the days-to-cover ratio is presently 2.5 days.

Forum Energy Technologies Stock Down 3.2%

Forum Energy Technologies stock traded down $0.91 during trading hours on Tuesday, hitting $27.95. 158,994 shares of the stock traded hands, compared to its average volume of 87,318. The firm’s 50-day moving average price is $27.33 and its two-hundred day moving average price is $21.44. The company has a current ratio of 2.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. The company has a market cap of $332.68 million, a PE ratio of -3.14, a PEG ratio of 7.95 and a beta of 0.89. Forum Energy Technologies has a one year low of $12.78 and a one year high of $33.06.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, October 30th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.08. The business had revenue of $196.23 million for the quarter, compared to analysts’ expectations of $194.35 million. Forum Energy Technologies had a negative return on equity of 2.51% and a negative net margin of 13.65%.

Wall Street Analysts Forecast Growth

FET has been the topic of a number of recent research reports. Wall Street Zen raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research cut Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Institutional Trading of Forum Energy Technologies

A number of hedge funds have recently made changes to their positions in the stock. Keyframe Capital Partners L.P. boosted its position in shares of Forum Energy Technologies by 8.5% in the 2nd quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after purchasing an additional 66,322 shares in the last quarter. PenderFund Capital Management Ltd. boosted its position in shares of Forum Energy Technologies by 89.7% in the 1st quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company’s stock worth $7,595,000 after purchasing an additional 178,557 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Forum Energy Technologies by 3.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 296,996 shares of the oil and gas company’s stock worth $7,906,000 after purchasing an additional 8,917 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Forum Energy Technologies by 69.4% in the 2nd quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock worth $4,570,000 after purchasing an additional 96,175 shares in the last quarter. Finally, De Lisle Partners LLP boosted its position in shares of Forum Energy Technologies by 7.4% in the 2nd quarter. De Lisle Partners LLP now owns 217,242 shares of the oil and gas company’s stock worth $4,235,000 after purchasing an additional 15,000 shares in the last quarter. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.