Forum Energy Technologies announces board retirement

HOUSTON, TX – Forum Energy Technologies , Inc. (NYSE:FET), whose stock has gained over 20% in the past six months and is currently trading near $19.87, disclosed in a recent SEC filing that Mr. C. Christopher Gaut will retire from the company’s Board of Directors at the end of his current term.

His departure is set to coincide with the 2025 annual meeting of stockholders. According to InvestingPro, the company maintains a "GOOD" overall financial health score, suggesting stable operational performance.

The announcement, made on Monday, clarified that Mr. Gaut’s decision to not stand for re-election was not due to any disagreements with the company regarding its operations, policies, or practices. Mr. Gaut has been a part of the Board of Directors for Forum Energy Technologies, a company that specializes in the manufacture of machinery and equipment for the oil and gas field industry.

The company’s filing did not specify the reasons for Mr. Gaut’s retirement or provide details on a potential successor. The 2025 annual meeting of stockholders will mark the end of Mr. Gaut’s tenure, as he has chosen not to be considered for re-election.

Forum Energy Technologies, based in Houston, Texas, operates within the oil and gas industry, providing products and services to the drilling, subsea, completions, and production sectors. The company, with a market capitalization of approximately $245 million, has demonstrated revenue growth of 7.6% over the last twelve months.

The company’s shares are traded on the New York Stock Exchange under the ticker symbol FET. InvestingPro subscribers can access detailed financial analysis and over 30 additional key metrics in the comprehensive Pro Research Report.

This development is part of the natural cycle of corporate governance and board member rotation. Investors and stakeholders are often attentive to changes in a company’s board as it can signal shifts in strategic direction or governance practices.

Based on InvestingPro analysis, FET is currently undervalued, and investors should note that the company’s next earnings report is scheduled for February 21, 2025, which could provide further insights into its strategic direction.

In other recent news, Forum Energy Technologies, Inc. announced significant developments. Board member Leslie A. Beyer has been nominated for the role of Assistant Secretary for Land and Minerals Management at the U.S. Department of Interior. Her confirmation process is yet to be conducted by the U.S. Senate. Beyer’s potential new responsibilities would include overseeing agencies crucial to the management of the nation’s land and mineral resources.

In another development, Forum Energy has initiated a new share repurchase program with the potential to buy back up to $75 million of its common stock. The program is subject to a Leverage Ratio of 1.5 times, as specified by the terms of the company’s Senior Secured Bonds. Furthermore, the company recently completed the sale of two manufacturing facilities in Texas, generating net proceeds of about $20 million.

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