Forum Energy Technologies (NYSE:FET) Releases Earnings Results

Forum Energy Technologies (NYSE:FET) issued its quarterly earnings data on Thursday. The oil and gas company reported ($0.19) earnings per share for the quarter, reports. The business had revenue of $207.80 million during the quarter. Forum Energy Technologies had a negative return on equity of 2.01% and a negative net margin of 6.07%. Forum Energy Technologies updated its Q4 2024 guidance to EPS.

Forum Energy Technologies Trading Down 0.1 %

Shares of FET stock opened at $13.96 on Friday. Forum Energy Technologies has a 1-year low of $12.83 and a 1-year high of $24.48. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.69 and a quick ratio of 1.19. The stock has a 50-day moving average of $15.77 and a 200-day moving average of $16.90.

Insider Transactions at Forum Energy Technologies

In related news, CEO Neal Lux acquired 4,500 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $15.22 per share, for a total transaction of $68,490.00. Following the completion of the transaction, the chief executive officer now directly owns 145,890 shares of the company’s stock, valued at $2,220,445.80. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Forum Energy Technologies

A number of hedge funds have recently made changes to their positions in FET. Empowered Funds LLC bought a new position in shares of Forum Energy Technologies during the first quarter worth about $221,000. Rhumbline Advisers raised its position in shares of Forum Energy Technologies by 24.5% during the second quarter. Rhumbline Advisers now owns 17,483 shares of the oil and gas company’s stock worth $295,000 after acquiring an additional 3,437 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of Forum Energy Technologies by 123.9% during the second quarter. Squarepoint Ops LLC now owns 31,044 shares of the oil and gas company’s stock worth $523,000 after acquiring an additional 17,177 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Forum Energy Technologies by 19.5% during the second quarter. Bank of New York Mellon Corp now owns 55,691 shares of the oil and gas company’s stock worth $939,000 after purchasing an additional 9,090 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Forum Energy Technologies by 21.8% during the second quarter. Renaissance Technologies LLC now owns 79,900 shares of the oil and gas company’s stock worth $1,347,000 after purchasing an additional 14,300 shares during the period. 65.60% of the stock is currently owned by institutional investors.

Forum Energy Technologies Company Profile

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.