Globeflex Capital L P Makes New Investment in Forum Energy Technologies, Inc. $FET

Globeflex Capital L P acquired a new position in Forum Energy Technologies, Inc. (NYSE:FET) in the second quarter, HoldingsChannel reports. The institutional investor acquired 13,638 shares of the oil and gas company’s stock, valued at approximately $685,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. NYL Investors LLC bought a new stake in shares of Forum Energy Technologies during the 2nd quarter valued at $517,408,000. Quantbot Technologies LP bought a new position in Forum Energy Technologies in the 2nd quarter worth $355,000. De Lisle Partners LLP bought a new position in Forum Energy Technologies in the 2nd quarter worth $11,389,000. JB Capital Partners LP bought a new position in Forum Energy Technologies in the 2nd quarter worth $6,067,784,000. Finally, Meeder Asset Management Inc. purchased a new stake in Forum Energy Technologies in the 2nd quarter worth $123,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 1,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was 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 of the company’s stock, valued at approximately $4,153,743.49. This represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total value of $406,100.00. Following the transaction, the executive vice president directly owned 80,512 shares of the company’s stock, valued at approximately $6,539,184.64. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,500 shares of company stock worth $877,615 over the last quarter. 7.70% of the stock is owned by company insiders.

Forum Energy Technologies Stock Up 1.2%

Shares of FET stock opened at $76.99 on Wednesday. The company’s fifty day simple moving average is $60.92 and its two-hundred day simple moving average is $57.91. Forum Energy Technologies, Inc. has a 52 week low of $24.57 and a 52 week high of $87.42. The stock has a market cap of $866.16 million, a P/E ratio of -513.25, a PEG ratio of 2.37 and a beta of 0.53. The company has a quick ratio of 1.13, a current ratio of 2.19 and a debt-to-equity ratio of 0.49.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share 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 analyst estimates of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. Analysts predict that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Forum Energy Technologies Company 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.