Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Forum Energy Technologies, Inc. $FET

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Forum Energy Technologies, Inc. (NYSE:FET) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 28,757 shares of the oil and gas company’s stock, valued at approximately $1,444,000.

Several other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp purchased a new stake in shares of Forum Energy Technologies during the second quarter worth $2,545,000. State of Wyoming purchased a new position in Forum Energy Technologies in the second quarter valued at $508,000. Pacer Advisors Inc. acquired a new position in Forum Energy Technologies during the 1st quarter worth $2,726,000. Bank of America Corp DE grew its stake in Forum Energy Technologies by 20.3% during the 1st quarter. Bank of America Corp DE now owns 71,251 shares of the oil and gas company’s stock worth $4,180,000 after purchasing an additional 12,000 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Forum Energy Technologies by 30.4% during the 1st quarter. Empowered Funds LLC now owns 78,555 shares of the oil and gas company’s stock worth $4,608,000 after purchasing an additional 18,301 shares during the period. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Stock Performance

NYSE FET opened at $77.82 on Friday. The company has a fifty day moving average of $59.89 and a two-hundred day moving average of $57.41. 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 1 year low of $23.61 and a 1 year high of $87.42. The company has a market capitalization of $875.16 million, a PE ratio of -518.77, a P/E/G ratio of 2.49 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.60. The firm had revenue of $226.22 million during the quarter, compared to analysts’ expectations of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. As a group, analysts expect that Forum Energy Technologies, Inc. will post 3.95 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, EVP John C. Ivascu sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total transaction of $406,100.00. Following the transaction, the executive vice president directly owned 80,512 shares in the company, valued at approximately $6,539,184.64. This trade represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Dewayne Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction on Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares in the company, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 11,500 shares of company stock valued at $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.