Forum Energy Technologies, Inc. $FET Stock Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in shares of Forum Energy Technologies, Inc. (NYSE:FET) by 14.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 210,097 shares of the oil and gas company’s stock after selling 34,813 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Forum Energy Technologies were worth $17,291,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FET. BlackRock Inc. acquired a new stake in Forum Energy Technologies in the second quarter worth about $47,765,000. De Lisle Partners LLP bought a new stake in shares of Forum Energy Technologies during the 2nd quarter valued at $11,389,000. JB Capital Partners LP acquired a new position in shares of Forum Energy Technologies in the 2nd quarter valued at $6,067,784. Empowered Funds LLC acquired a new position in shares of Forum Energy Technologies in the 2nd quarter valued at $4,232,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Forum Energy Technologies in the 2nd quarter worth $3,699,000. 65.60% of the stock is owned by institutional investors.

Insider Transactions at Forum Energy Technologies

In other Forum Energy Technologies news, EVP John Ivascu sold 4,300 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $90.14, for a total transaction of $387,602.00. Following the sale, the executive vice president directly owned 75,512 shares in the company, valued at approximately $6,806,651.68. This trade represents a 5.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 7.70% of the company’s stock.

Forum Energy Technologies Stock Performance

FET stock opened at $76.92 on Friday. The business’s 50-day moving average price is $81.48 and its two-hundred day moving average price is $64.35. The company has a current ratio of 2.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.40. The firm has a market cap of $882.33 million, a PE ratio of 30.29, a P/E/G ratio of 2.23 and a beta of 0.71. Forum Energy Technologies, Inc. has a 1-year low of $28.68 and a 1-year high of $91.99.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.29. Forum Energy Technologies had a return on equity of 14.38% and a net margin of 3.46%. The company had revenue of $236.81 million during the quarter, compared to the consensus estimate of $233.35 million. As a group, research analysts forecast that Forum Energy Technologies, Inc. will post 4.30 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FET. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, October 15th. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 23rd. Finally, Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce”.

About Forum Energy Technologies

Forum Energy Technologies, Inc. (NYSE: FET) designs and manufactures equipment and technologies for the global oil and natural gas industry, as well as selected industrial markets. Its products support operations across the energy lifecycle, including drilling, well completion, subsea activity and production. The company’s offerings include drilling and completions equipment, subsea products and systems, and equipment used in oilfield production. These products are designed for use in onshore and offshore environments and help customers conduct and support energy operations.