Shares of Forum Energy Technologies (NYSE:FET) were down 8.5% on Monday . The company traded as low as $11.15 and last traded at $11.35. Approximately 2,220,023 shares changed hands during mid-day trading, an increase of 63% from the average daily volume of 1,358,821 shares. The stock had previously closed at $12.40.
A number of analysts recently weighed in on FET shares. Zacks Investment Research lowered shares of Forum Energy Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. Jefferies Group set a $17.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 4th. Cowen set a $13.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 11th. Capital One Financial raised shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a report on Friday, February 9th. Finally, B. Riley set a $13.00 price target on shares of Forum Energy Technologies and gave the company a “neutral” rating in a report on Monday, February 12th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. Forum Energy Technologies presently has a consensus rating of “Hold” and a consensus price target of $15.79.
The company has a quick ratio of 1.61, a current ratio of 3.65 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1,345.90, a price-to-earnings ratio of -19.08 and a beta of 1.96.
In other news, CEO Prady Iyyanki purchased 90,000 shares of the firm’s stock in a transaction dated Friday, March 2nd. The stock was bought at an average price of $10.63 per share, with a total value of $956,700.00. Following the acquisition, the chief executive officer now directly owns 443,417 shares of the company’s stock, valued at $4,713,522.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 32.80% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. grew its holdings in shares of Forum Energy Technologies by 86.4% in the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 9,556 shares of the oil and gas company’s stock valued at $152,000 after buying an additional 4,429 shares during the period. MML Investors Services LLC acquired a new position in shares of Forum Energy Technologies in the 4th quarter valued at $159,000. Two Sigma Investments LP acquired a new position in shares of Forum Energy Technologies in the 4th quarter valued at $163,000. Amalgamated Bank acquired a new position in shares of Forum Energy Technologies in the 4th quarter valued at $167,000. Finally, SG Americas Securities LLC acquired a new position in shares of Forum Energy Technologies in the 3rd quarter valued at $185,000. 94.25% of the stock is owned by institutional investors.
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About Forum Energy Technologies
Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates in three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.
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