Forum Energy Technologies (NYSE:FET) Shares Gap Down – Should You Sell?

Shares of Forum Energy Technologies, Inc. (NYSE:FET) gapped down prior to trading on Thursday . The stock had previously closed at $50.23, but opened at $48.33. Forum Energy Technologies shares last traded at $48.9660, with a volume of 6,868 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FET. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Forum Energy Technologies has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

The company’s fifty day moving average price is $55.40 and its two-hundred day moving average price is $50.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. The firm has a market capitalization of $562.29 million, a PE ratio of -84.33, a price-to-earnings-growth ratio of 2.91 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. As a group, equities analysts expect that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current year.

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the sale, the senior vice president directly owned 54,139 shares in the company, valued at $3,004,173.11. This represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 7.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IES Holdings Inc. purchased a new position in shares of Forum Energy Technologies in the 4th quarter worth about $20,107,000. AQR Capital Management LLC grew its holdings in shares of Forum Energy Technologies by 1,327.5% during the 4th quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock worth $5,402,000 after purchasing an additional 135,961 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Forum Energy Technologies during the 1st quarter worth approximately $7,682,000. JPMorgan Chase & Co. increased its position in Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock worth $3,146,000 after purchasing an additional 108,490 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Forum Energy Technologies by 461.5% in the fourth quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock valued at $3,703,000 after buying an additional 82,363 shares during the period. 65.60% of the stock is currently 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.