Independent Financial Group LLC Takes $1.75 Million Position in Forum Energy Technologies, Inc. $FET

Independent Financial Group LLC purchased a new position in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the first quarter, Holdings Channel.com reports. The fund purchased 29,758 shares of the oil and gas company’s stock, valued at approximately $1,746,000.

Several other hedge funds have also made changes to their positions in the stock. IES Holdings Inc. acquired a new position in Forum Energy Technologies during the 4th quarter valued at approximately $20,107,000. AQR Capital Management LLC increased its position in Forum Energy Technologies by 1,327.5% in the fourth quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock worth $5,402,000 after buying an additional 135,961 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Forum Energy Technologies in the first quarter worth $7,682,000. JPMorgan Chase & Co. lifted its stake in Forum Energy Technologies by 204.3% in the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after buying an additional 108,490 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Forum Energy Technologies by 461.5% in the fourth quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock valued at $3,703,000 after buying an additional 82,363 shares during the last quarter. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Stock Performance

FET stock opened at $52.04 on Monday. The company has a 50-day simple moving average of $52.16 and a 200 day simple moving average of $52.45. The company has a market capitalization of $588.03 million, a P/E ratio of -88.20, a PEG ratio of 3.03 and a beta of 0.54. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. Forum Energy Technologies, Inc. has a fifty-two week low of $18.12 and a fifty-two week high of $65.43.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. The firm had revenue of $208.70 million for the quarter, compared to analysts’ expectations of $201.30 million. Sell-side analysts predict that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 5th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce”.

Insider Activity at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the sale, the senior vice president owned 54,139 shares of the company’s stock, valued at $3,004,173.11. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.70% of the stock is owned by corporate insiders.

Forum Energy Technologies 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.