Quantamental Technologies LLC purchased a new position in Forum Energy Technologies Inc (NYSE:FET) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 10,293 shares of the oil and gas company’s stock, valued at approximately $35,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital Fund Management S.A. grew its holdings in Forum Energy Technologies by 33.8% during the second quarter. Capital Fund Management S.A. now owns 35,600 shares of the oil and gas company’s stock worth $122,000 after acquiring an additional 9,000 shares during the period. Panagora Asset Management Inc. acquired a new stake in Forum Energy Technologies during the second quarter worth about $758,000. Acadian Asset Management LLC acquired a new stake in Forum Energy Technologies during the second quarter worth about $458,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Forum Energy Technologies by 47.3% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 41,272 shares of the oil and gas company’s stock worth $141,000 after acquiring an additional 13,249 shares during the period. Finally, Menta Capital LLC acquired a new stake in Forum Energy Technologies during the second quarter worth about $62,000. 87.79% of the stock is currently owned by institutional investors.
Several analysts recently commented on the company. Citigroup dropped their target price on Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Gabelli lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Monday, July 29th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. B. Riley set a $4.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a report on Friday, July 12th. Finally, Piper Jaffray Companies dropped their target price on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. Forum Energy Technologies presently has an average rating of “Hold” and an average price target of $7.31.
In other Forum Energy Technologies news, CEO C Christopher Gaut purchased 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $1.35 per share, for a total transaction of $27,000.00. Following the completion of the transaction, the chief executive officer now owns 1,827,333 shares of the company’s stock, valued at approximately $2,466,899.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 28.50% of the company’s stock.
FET stock traded up $0.09 during mid-day trading on Friday, reaching $1.97. 1,072,749 shares of the company’s stock were exchanged, compared to its average volume of 1,232,582. The company has a market cap of $207.51 million, a price-to-earnings ratio of 98.50 and a beta of 2.45. The stock’s 50 day moving average is $1.77 and its 200 day moving average is $3.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.25 and a quick ratio of 1.15. Forum Energy Technologies Inc has a 12-month low of $1.31 and a 12-month high of $11.67.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). The business had revenue of $245.60 million for the quarter, compared to analysts’ expectations of $254.91 million. Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.01) EPS. On average, research analysts forecast that Forum Energy Technologies Inc will post -0.22 earnings per share for the current fiscal year.
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 through 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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