Forum Energy Technologies, Inc. $FET Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in Forum Energy Technologies, Inc. (NYSE:FET) by 23.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 140,475 shares of the oil and gas company’s stock after buying an additional 26,875 shares during the period. Renaissance Technologies LLC’s holdings in Forum Energy Technologies were worth $8,240,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. bought a new stake in shares of Forum Energy Technologies during the 4th quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Forum Energy Technologies in the fourth quarter worth about $37,000. Tower Research Capital LLC TRC lifted its holdings in Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after acquiring an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in Forum Energy Technologies in the fourth quarter valued at approximately $75,000. Finally, Osaic Holdings Inc. acquired a new position in Forum Energy Technologies in the second quarter valued at approximately $78,000. 65.60% of the stock is owned by institutional investors and hedge funds.

Forum Energy Technologies Trading Up 12.6%

Forum Energy Technologies stock opened at $70.58 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $52.24 and a two-hundred day moving average price of $53.88. The firm has a market capitalization of $797.88 million, a price-to-earnings ratio of -470.53, a PEG ratio of 3.63 and a beta of 0.54. Forum Energy Technologies, Inc. has a 52-week low of $18.12 and a 52-week high of $71.73.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.56 by $0.60. The company had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. Sell-side analysts expect that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FET. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Insider Transactions at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the transaction, the senior vice president owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.70% of the stock is owned by corporate insiders.

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.