Insider Selling: Forum Energy Technologies Director Unloads 445,065 Shares of Stock (FET)
Forum Energy Technologies (NYSE:FET) Director Andrew Waite unloaded 445,065 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $26.74, for a total transaction of $11,901,038.10. Following the completion of the transaction, the director now directly owns 9,779 shares of the company’s stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of analysts have recently weighed in on FET shares. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Forum Energy Technologies (NYSE:FET) in a research note to investors on Thursday, August 29th. They now have a $32.00 price target on the stock. Separately, analysts at Howard Weil cut their price target on shares of Forum Energy Technologies (NYSE:FET) from $32.00 to $30.00 in a research note to investors on Thursday, August 29th. They now have a “sector perform” rating on the stock. Finally, analysts at Zacks downgraded shares of Forum Energy Technologies (NYSE:FET) from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, August 12th. They now have a $33.90 price target on the stock.
One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. Forum Energy Technologies currently has a consensus rating of “Hold” and an average price target of $31.79.
Forum Energy Technologies (NYSE:FET) traded up 0.26% on Tuesday, hitting $26.86. The stock had a trading volume of 218,079 shares. Forum Energy Technologies has a 52-week low of $21.03 and a 52-week high of $32.52. The stock’s 50-day moving average is $27.31 and its 200-day moving average is $28.19. The company has a market cap of $2.445 billion and a P/E ratio of 19.84.
Forum Energy Technologies (NYSE:FET) last released its earnings data on Friday, July 26th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.06. The company had revenue of $367.90 million for the quarter, compared to the consensus estimate of $384.10 million. Analysts expect that Forum Energy Technologies will post $1.58 EPS for the current fiscal year.
Forum Energy Technologies, Inc is an oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry.
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