Forum Energy Technologies, Inc. (NYSE:FET) Short Interest Up 22.8% in June

Forum Energy Technologies, Inc. (NYSE:FET) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 186,600 shares, a growth of 22.8% from the May 31st total of 151,900 shares. Currently, 1.7% of the company’s shares are short sold. Based on an average daily volume of 32,400 shares, the days-to-cover ratio is presently 5.8 days.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research note on Monday, May 6th.

Forum Energy Technologies Trading Down 2.8 %

FET traded down $0.47 during trading on Tuesday, reaching $16.05. 40,542 shares of the company’s stock were exchanged, compared to its average volume of 34,829. The company’s fifty day moving average price is $17.95 and its 200-day moving average price is $19.34. The firm has a market capitalization of $197.09 million, a PE ratio of -6.89 and a beta of 2.53. Forum Energy Technologies has a fifty-two week low of $15.80 and a fifty-two week high of $28.73. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.26 and a current ratio of 2.83.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.69. The business had revenue of $202.40 million during the quarter, compared to analysts’ expectations of $211.60 million. Forum Energy Technologies had a negative return on equity of 0.94% and a negative net margin of 3.42%.

Institutional Trading of Forum Energy Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC boosted its stake in Forum Energy Technologies by 12.3% during the 4th quarter. SG Americas Securities LLC now owns 5,311 shares of the oil and gas company’s stock worth $118,000 after acquiring an additional 581 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Forum Energy Technologies by 0.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 253,898 shares of the oil and gas company’s stock valued at $5,073,000 after buying an additional 806 shares during the period. Panagora Asset Management Inc. grew its holdings in shares of Forum Energy Technologies by 20.4% in the 4th quarter. Panagora Asset Management Inc. now owns 18,795 shares of the oil and gas company’s stock valued at $417,000 after buying an additional 3,186 shares during the period. Barclays PLC increased its position in shares of Forum Energy Technologies by 91.8% in the 3rd quarter. Barclays PLC now owns 6,988 shares of the oil and gas company’s stock valued at $168,000 after buying an additional 3,344 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Forum Energy Technologies by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 538,148 shares of the oil and gas company’s stock worth $10,752,000 after buying an additional 3,516 shares during the period. 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.