Forum Energy Technologies, Inc. (NYSE:FET) Sees Large Drop in Short Interest

Forum Energy Technologies, Inc. (NYSE:FET) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 116,600 shares, a decline of 7.5% from the January 15th total of 126,100 shares. Based on an average trading volume of 73,700 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.1% of the company’s stock are sold short.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, Director Louis Raspino sold 4,950 shares of Forum Energy Technologies stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $15.41, for a total value of $76,279.50. Following the completion of the sale, the director now directly owns 16,121 shares in the company, valued at $248,424.61. The trade was a 23.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Forum Energy Technologies

Institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its stake in Forum Energy Technologies by 63.7% in the fourth quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 859 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Forum Energy Technologies by 126.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 1,319 shares during the period. Wells Fargo & Company MN raised its position in shares of Forum Energy Technologies by 41.7% in the fourth quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company’s stock valued at $130,000 after purchasing an additional 2,479 shares during the period. JPMorgan Chase & Co. raised its position in shares of Forum Energy Technologies by 71.7% in the third quarter. JPMorgan Chase & Co. now owns 8,845 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 3,693 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at approximately $160,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Forum Energy Technologies Price Performance

NYSE FET opened at $19.94 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $244.94 million, a PE ratio of -4.71 and a beta of 2.38. The company has a 50 day moving average price of $17.02 and a two-hundred day moving average price of $16.16. Forum Energy Technologies has a 12-month low of $12.83 and a 12-month high of $20.85.

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.