Wells Fargo & Company MN grew its holdings in Forum Energy Technologies Inc (NYSE:FET) by 22.2% during the second quarter, Holdings Channel reports. The firm owned 2,157,165 shares of the oil and gas company’s stock after acquiring an additional 391,802 shares during the quarter. Wells Fargo & Company MN’s holdings in Forum Energy Technologies were worth $7,377,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. GSA Capital Partners LLP increased its holdings in Forum Energy Technologies by 453.9% during the 2nd quarter. GSA Capital Partners LLP now owns 127,631 shares of the oil and gas company’s stock worth $436,000 after purchasing an additional 104,589 shares in the last quarter. Swiss National Bank grew its holdings in shares of Forum Energy Technologies by 9.9% in the second quarter. Swiss National Bank now owns 142,124 shares of the oil and gas company’s stock valued at $486,000 after acquiring an additional 12,800 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Forum Energy Technologies in the second quarter valued at approximately $241,000. Perella Weinberg Partners Capital Management LP grew its holdings in shares of Forum Energy Technologies by 33.4% in the second quarter. Perella Weinberg Partners Capital Management LP now owns 5,004,973 shares of the oil and gas company’s stock valued at $17,117,000 after acquiring an additional 1,252,305 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Forum Energy Technologies by 147.1% in the first quarter. First Trust Advisors LP now owns 513,202 shares of the oil and gas company’s stock valued at $2,622,000 after acquiring an additional 305,506 shares in the last quarter. 87.79% of the stock is currently owned by institutional investors.
In related news, CEO C Christopher Gaut acquired 20,000 shares of Forum Energy Technologies stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $1.35 per share, with a total value of $27,000.00. Following the completion of the purchase, the chief executive officer now owns 1,827,333 shares of the company’s stock, valued at $2,466,899.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. 28.50% of the stock is currently owned by corporate insiders.
Several equities analysts have recently issued reports on FET shares. Citigroup reduced their target price on Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Zacks Investment Research lowered Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, July 26th. Bank of America reaffirmed a “neutral” rating and issued a $3.50 target price (down from $7.00) on shares of Forum Energy Technologies in a report on Tuesday, June 25th. B. Riley set a $4.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a report on Friday, July 12th. Finally, Scotiabank set a $1.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $7.31.
NYSE FET traded up $0.09 on Friday, hitting $1.97. 1,072,749 shares of the stock traded hands, compared to its average volume of 1,232,582. The business’s fifty day moving average is $1.77 and its two-hundred day moving average is $3.92. Forum Energy Technologies Inc has a 12 month low of $1.31 and a 12 month high of $11.67. The firm has a market capitalization of $207.51 million, a price-to-earnings ratio of 98.50 and a beta of 2.45. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.15 and a current ratio of 3.25.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.20%. The firm had revenue of $245.60 million for the quarter, compared to the consensus estimate of $254.91 million. During the same period last year, the company posted ($0.01) earnings per share. Forum Energy Technologies’s revenue for the quarter was down 10.4% on a year-over-year basis. Analysts expect that Forum Energy Technologies Inc will post -0.22 EPS for the current fiscal year.
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 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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