Wells Fargo & Company MN lifted its holdings in shares of Forum Energy Technologies Inc (NYSE:FET) by 39.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,407,903 shares of the oil and gas company’s stock after acquiring an additional 395,260 shares during the period. Wells Fargo & Company MN owned approximately 1.29% of Forum Energy Technologies worth $14,572,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of FET. Massachusetts Financial Services Co. MA increased its position in shares of Forum Energy Technologies by 20.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,129,376 shares of the oil and gas company’s stock worth $32,389,000 after acquiring an additional 529,804 shares in the last quarter. FMR LLC increased its position in shares of Forum Energy Technologies by 117.4% during the second quarter. FMR LLC now owns 684,300 shares of the oil and gas company’s stock worth $8,451,000 after acquiring an additional 369,500 shares in the last quarter. Schroder Investment Management Group bought a new stake in shares of Forum Energy Technologies during the second quarter worth about $4,391,000. Granite Investment Partners LLC increased its position in shares of Forum Energy Technologies by 32.1% during the second quarter. Granite Investment Partners LLC now owns 1,201,005 shares of the oil and gas company’s stock worth $14,832,000 after acquiring an additional 291,980 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its position in shares of Forum Energy Technologies by 156.0% during the second quarter. Eagle Asset Management Inc. now owns 431,455 shares of the oil and gas company’s stock worth $5,328,000 after acquiring an additional 262,899 shares in the last quarter. 92.80% of the stock is owned by institutional investors.
Shares of FET stock opened at $5.72 on Friday. Forum Energy Technologies Inc has a 52-week low of $5.64 and a 52-week high of $17.95. The company has a quick ratio of 1.25, a current ratio of 3.47 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $675.74 million, a price-to-earnings ratio of -15.05 and a beta of 1.94.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Monday, October 29th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. Forum Energy Technologies had a net margin of 5.87% and a negative return on equity of 0.74%. The business had revenue of $267.00 million during the quarter, compared to the consensus estimate of $283.19 million. During the same period in the prior year, the firm posted ($0.10) EPS. The firm’s quarterly revenue was up 34.4% compared to the same quarter last year. On average, equities analysts expect that Forum Energy Technologies Inc will post -0.08 EPS for the current year.
Several equities research analysts have recently commented on FET shares. ValuEngine raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. Citigroup decreased their target price on shares of Forum Energy Technologies from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, September 14th. Johnson Rice downgraded shares of Forum Energy Technologies from a “buy” rating to an “accumulate” rating and set a $15.00 price objective for the company. in a research report on Monday, September 17th. JPMorgan Chase & Co. upped their price objective on shares of Forum Energy Technologies from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, September 17th. Finally, Morgan Stanley initiated coverage on shares of Forum Energy Technologies in a research report on Tuesday, September 18th. They issued an “equal weight” rating and a $13.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. Forum Energy Technologies currently has an average rating of “Hold” and a consensus price target of $12.18.
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Forum Energy Technologies Company Profile
Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates in three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.
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