Schroder Investment Management Group decreased its position in Forum Energy Technologies Inc (NYSE:FET) by 10.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 320,913 shares of the oil and gas company’s stock after selling 39,027 shares during the quarter. Schroder Investment Management Group owned approximately 0.29% of Forum Energy Technologies worth $3,321,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in shares of Forum Energy Technologies in the third quarter worth about $280,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Forum Energy Technologies in the second quarter worth about $323,000. Bank of Montreal Can raised its stake in shares of Forum Energy Technologies by 19.3% in the third quarter. Bank of Montreal Can now owns 39,393 shares of the oil and gas company’s stock worth $408,000 after buying an additional 6,383 shares during the period. First Trust Advisors LP bought a new position in shares of Forum Energy Technologies in the third quarter worth about $492,000. Finally, Renaissance Technologies LLC bought a new position in shares of Forum Energy Technologies in the second quarter worth about $983,000. 92.80% of the stock is currently owned by institutional investors.
FET has been the topic of several recent research reports. Zacks Investment Research raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Friday, August 17th. Johnson Rice downgraded Forum Energy Technologies from a “buy” rating to an “accumulate” rating and set a $15.00 price objective on the stock. in a research note on Monday, September 17th. JPMorgan Chase & Co. raised their price objective on Forum Energy Technologies from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, September 17th. Finally, Simmons raised Forum Energy Technologies from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $13.25 to $12.50 in a research note on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $12.18.
Shares of FET opened at $5.69 on Friday. Forum Energy Technologies Inc has a 12-month low of $5.62 and a 12-month high of $17.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.25 and a current ratio of 3.47.
Forum Energy Technologies (NYSE:FET) last issued its earnings results on Monday, October 29th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The company had revenue of $267.00 million for the quarter, compared to the consensus estimate of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The firm’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) EPS. On average, analysts forecast that Forum Energy Technologies Inc will post -0.08 earnings per share for the current fiscal year.
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About Forum Energy Technologies
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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