State of Wyoming Purchases New Position in Forum Energy Technologies, Inc. $FET

State of Wyoming acquired a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,105 shares of the oil and gas company’s stock, valued at approximately $508,000. State of Wyoming owned approximately 0.09% of Forum Energy Technologies as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its stake in shares of Forum Energy Technologies by 66.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock valued at $8,940,000 after purchasing an additional 60,711 shares during the last quarter. Independent Financial Group LLC acquired a new position in Forum Energy Technologies during the first quarter worth $1,746,000. Hillsdale Investment Management Inc. bought a new position in Forum Energy Technologies during the first quarter valued at about $7,682,000. Walleye Capital LLC bought a new position in Forum Energy Technologies during the first quarter valued at about $1,632,000. Finally, Pacer Advisors Inc. acquired a new stake in shares of Forum Energy Technologies in the first quarter worth about $2,726,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Forum Energy Technologies Price Performance

Shares of Forum Energy Technologies stock opened at $86.28 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. Forum Energy Technologies, Inc. has a fifty-two week low of $23.04 and a fifty-two week high of $87.09. The firm has a fifty day moving average price of $57.70 and a two-hundred day moving average price of $56.51. The company has a market cap of $970.65 million, a PE ratio of -575.16, a price-to-earnings-growth ratio of 2.70 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.60. The company had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. Analysts expect that Forum Energy Technologies, Inc. will post 3.95 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FET. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Forum Energy Technologies has a consensus rating of “Moderate Buy”.

Insider Transactions at Forum Energy Technologies

In related news, EVP John C. Ivascu sold 5,000 shares of Forum Energy Technologies stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total transaction of $406,100.00. Following the sale, the executive vice president directly owned 80,512 shares of the company’s stock, valued at $6,539,184.64. This trade represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Dewayne Danford sold 1,500 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $78.91, for a total value of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares in the company, valued at $4,153,743.49. This represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 11,500 shares of company stock worth $877,615. 7.70% of the stock is owned by company 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.