Wrapmanager Inc. purchased a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the second quarter, Holdings Channel reports. The institutional investor purchased 16,648 shares of the oil and gas company’s stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Virginia Retirement Systems ET AL increased its position in shares of Forum Energy Technologies by 8.7% in the first quarter. Virginia Retirement Systems ET AL now owns 10,979 shares of the oil and gas company’s stock valued at $227,000 after buying an additional 879 shares during the last quarter. OLD National Bancorp IN increased its position in shares of Forum Energy Technologies by 7.9% in the first quarter. OLD National Bancorp IN now owns 12,050 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 885 shares during the last quarter. US Bancorp DE increased its position in shares of Forum Energy Technologies by 8.0% in the second quarter. US Bancorp DE now owns 13,241 shares of the oil and gas company’s stock valued at $206,000 after buying an additional 986 shares during the last quarter. Adams Diversified Equity Fund Inc. increased its position in shares of Forum Energy Technologies by 2.9% in the first quarter. Adams Diversified Equity Fund Inc. now owns 46,600 shares of the oil and gas company’s stock valued at $965,000 after buying an additional 1,300 shares during the last quarter. Finally, Cutler Group LP increased its position in shares of Forum Energy Technologies by 22.8% in the second quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock valued at $109,000 after buying an additional 1,300 shares during the last quarter.

Shares of Forum Energy Technologies, Inc. (FET) opened at 11.25 on Wednesday. Forum Energy Technologies, Inc. has a 1-year low of $11.15 and a 1-year high of $26.25. The firm has a 50-day moving average of $14.27 and a 200 day moving average of $17.69. The company’s market capitalization is $1.08 billion.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.10) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. The business had revenue of $201.10 million during the quarter, compared to analyst estimates of $194.16 million. On average, analysts anticipate that Forum Energy Technologies, Inc. will post ($0.31) EPS for the current year.

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Several brokerages have commented on FET. Cowen and Company reissued a “hold” rating and issued a $15.00 price target on shares of Forum Energy Technologies in a report on Tuesday, July 11th. Barclays PLC downgraded shares of Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $24.00 to $16.00 in a report on Wednesday, July 12th. Guggenheim downgraded shares of Forum Energy Technologies from a “buy” rating to a “neutral” rating in a report on Tuesday, June 27th. Zacks Investment Research raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Tuesday, April 18th. Finally, BidaskClub raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $20.50.

About Forum Energy Technologies

Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.

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Institutional Ownership by Quarter for Forum Energy Technologies (NYSE:FET)

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