Hsbc Holdings PLC Lowers Stake in Forum Energy Technologies, Inc. $FET

Hsbc Holdings PLC reduced its stake in shares of Forum Energy Technologies, Inc. (NYSE:FET) by 51.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,594 shares of the oil and gas company’s stock after selling 13,216 shares during the period. Hsbc Holdings PLC’s holdings in Forum Energy Technologies were worth $749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FET. Keyframe Capital Partners L.P. increased its stake in Forum Energy Technologies by 8.5% in the second quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock valued at $16,521,000 after acquiring an additional 66,322 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Forum Energy Technologies by 3.7% during the third quarter. Dimensional Fund Advisors LP now owns 591,741 shares of the oil and gas company’s stock worth $15,806,000 after purchasing an additional 21,033 shares during the last quarter. IES Holdings Inc. purchased a new position in shares of Forum Energy Technologies in the 4th quarter worth about $20,107,000. JPMorgan Chase & Co. boosted its holdings in shares of Forum Energy Technologies by 62.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after purchasing an additional 100,720 shares in the last quarter. Finally, State Street Corp increased its position in shares of Forum Energy Technologies by 5.3% during the 4th quarter. State Street Corp now owns 243,682 shares of the oil and gas company’s stock valued at $9,004,000 after purchasing an additional 12,257 shares during the last quarter. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Forum Energy Technologies Price Performance

FET stock opened at $50.83 on Thursday. The stock has a market capitalization of $574.32 million, a price-to-earnings ratio of -86.14, a PEG ratio of 3.04 and a beta of 0.54. The firm’s 50-day moving average price is $51.99 and its two-hundred day moving average price is $53.43. The company has a current ratio of 2.23, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54. Forum Energy Technologies, Inc. has a 12-month low of $18.12 and a 12-month high of $65.43.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The business had revenue of $208.70 million during the quarter, compared to analysts’ expectations of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. As a group, equities analysts predict that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current year.

Insider Activity

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the transaction, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 7.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wall Street Zen cut Forum Energy Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce”.

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.