JPMorgan Chase & Co. Has $7.01 Million Stock Holdings in Forum Energy Technologies, Inc. $FET

JPMorgan Chase & Co. lifted its holdings in Forum Energy Technologies, Inc. (NYSE:FET) by 62.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 262,316 shares of the oil and gas company’s stock after buying an additional 100,720 shares during the quarter. JPMorgan Chase & Co.’s holdings in Forum Energy Technologies were worth $7,006,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. New York State Teachers Retirement System acquired a new stake in Forum Energy Technologies in the 3rd quarter valued at about $27,000. Tower Research Capital LLC TRC lifted its position in shares of Forum Energy Technologies by 558.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 1,771 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Forum Energy Technologies by 166.7% during the third quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 1,010 shares in the last quarter. Osaic Holdings Inc. bought a new stake in shares of Forum Energy Technologies during the second quarter valued at approximately $78,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Forum Energy Technologies in the third quarter valued at approximately $182,000. Institutional investors own 65.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on FET shares. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. Finally, Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Down 7.7%

Shares of NYSE:FET opened at $57.15 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01. The stock has a market cap of $643.45 million, a price-to-earnings ratio of -64.21, a P/E/G ratio of 3.83 and a beta of 0.54. The company has a 50 day moving average of $52.97 and a 200-day moving average of $39.23. Forum Energy Technologies, Inc. has a one year low of $12.78 and a one year high of $63.58.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%. The company had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $190.50 million.

Insiders Place Their Bets

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $60.01, for a total transaction of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares in the company, valued at approximately $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.90% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company’s offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.