Citadel Advisors LLC purchased a new position in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,212,056 shares of the oil and gas company’s stock, valued at approximately $19,272,000. Citadel Advisors LLC owned 1.12% of Forum Energy Technologies at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the stock. Suntrust Banks Inc. grew its holdings in shares of Forum Energy Technologies by 0.5% during the second quarter. Suntrust Banks Inc. now owns 14,776 shares of the oil and gas company’s stock valued at $229,000 after buying an additional 68 shares during the last quarter. US Bancorp DE lifted its stake in shares of Forum Energy Technologies by 8.0% in the 2nd quarter. US Bancorp DE now owns 13,241 shares of the oil and gas company’s stock worth $206,000 after purchasing an additional 986 shares during the period. Nationwide Fund Advisors lifted its stake in shares of Forum Energy Technologies by 1.7% in the 2nd quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock worth $1,040,000 after purchasing an additional 1,083 shares during the period. Kornitzer Capital Management Inc. KS lifted its stake in shares of Forum Energy Technologies by 0.3% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 881,349 shares of the oil and gas company’s stock worth $13,749,000 after purchasing an additional 2,475 shares during the period. Finally, Legal & General Group Plc grew its holdings in shares of Forum Energy Technologies by 12.3% in the first quarter. Legal & General Group Plc now owns 24,195 shares of the oil and gas company’s stock valued at $499,000 after purchasing an additional 2,642 shares in the last quarter. 98.69% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have issued reports on the company. Zacks Investment Research lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Citigroup boosted their price target on Forum Energy Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, October 5th. Deutsche Bank initiated coverage on shares of Forum Energy Technologies in a research report on Tuesday, October 10th. They issued a “hold” rating and a $17.00 price objective on the stock. Jefferies Group set a $17.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a research report on Thursday, October 5th. Finally, Credit Suisse Group downgraded shares of Forum Energy Technologies from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $12.00 in a research note on Thursday, August 24th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $17.79.
Shares of Forum Energy Technologies, Inc. (FET) traded down $0.75 during mid-day trading on Thursday, reaching $14.10. 1,438,200 shares of the company traded hands, compared to its average volume of 989,167. The company has a current ratio of 3.74, a quick ratio of 1.76 and a debt-to-equity ratio of 0.34. Forum Energy Technologies, Inc. has a one year low of $10.05 and a one year high of $26.25.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.10) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.10). Forum Energy Technologies had a negative net margin of 16.85% and a negative return on equity of 3.97%. The firm had revenue of $198.70 million for the quarter, compared to analysts’ expectations of $200.96 million. During the same quarter in the prior year, the business earned ($0.19) EPS. The business’s quarterly revenue was up 43.7% on a year-over-year basis. analysts forecast that Forum Energy Technologies, Inc. will post -0.36 EPS for the current year.
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Forum Energy Technologies Profile
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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