Louis Raspino, a director at Forum Energy Technologies, Inc. (NYSE:FET), has sold 4,950 shares of common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $15.41, with transactions occurring at prices ranging from $15.25 to $15.59. This sale amounted to a total value of $76,279. Following the transaction, Raspino retains ownership of 16,121 shares in the company. The stock, which has declined about 31% year-to-date, currently trades near $14.92, below Raspino's sale price. With a market cap of $184 million and a "GOOD" Financial Health Score from InvestingPro, the company appears undervalued based on comprehensive Fair Value analysis. InvestingPro subscribers can access detailed insider trading patterns and 12+ additional key metrics for smarter investment decisions.
In other recent news, Forum Energy Technologies announced a $75 million stock buyback, following a 16% year-over-year increase in third-quarter revenue to $208 million. The company's strategic refinancing efforts, including a $100 million bond offering, have bolstered its financial position, raising its cash flow forecast for 2024 to $60-70 million. The repurchase plan is subject to a Leverage Ratio of 1.5 times, as specified by the terms of the company’s Senior Secured Bonds.
Recently, Forum Energy Technologies completed the sale of two manufacturing facilities in Texas, resulting in net proceeds of about $20 million. These facilities continue to be vital to the company's operations, and long-term leases have been arranged in conjunction with the sales.
In the face of cautious market conditions in Q4 due to commodity price volatility, Forum Energy Technologies remains committed to maintaining free cash flow and returning capital to shareholders. The company expects Q4 revenue and adjusted EBITDA to fall within the ranges of $190 million to $210 million and $22 million to $26 million, respectively. With a projected 5% decline in U.S. drilling activity for 2025, Forum Energy Technologies continues to focus on free cash flow and shareholder returns. Further details on the company's strategies and performance will be communicated in February.
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