Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 73,634 Forum Energy Technologies, Inc. $FET

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 73,634 shares of the oil and gas company’s stock, valued at approximately $3,699,000.

Other institutional investors have also modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Forum Energy Technologies by 66.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock worth $8,940,000 after buying an additional 60,711 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Forum Energy Technologies in the second quarter valued at about $1,444,000. Walleye Capital LLC bought a new position in Forum Energy Technologies in the first quarter valued at about $1,632,000. Hillsdale Investment Management Inc. acquired a new position in Forum Energy Technologies during the first quarter worth about $7,682,000. Finally, Independent Financial Group LLC acquired a new position in Forum Energy Technologies during the first quarter worth about $1,746,000. 65.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, 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 transaction, the senior vice president owned 52,639 shares in the company, valued at approximately $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John C. Ivascu sold 5,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the sale, the executive vice president directly owned 85,512 shares in the company, valued at approximately $6,039,712.56. This represents a 5.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 11,500 shares of company stock worth $877,615. 7.70% of the stock is owned by company insiders.

Forum Energy Technologies Stock Performance

Forum Energy Technologies stock opened at $80.56 on Friday. The business has a 50 day moving average of $62.57 and a 200-day moving average of $58.50. The company has a market capitalization of $906.30 million, a P/E ratio of -537.03, a P/E/G ratio of 2.49 and a beta of 0.53. Forum Energy Technologies, Inc. has a 1 year low of $25.07 and a 1 year high of $87.42. 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 (NYSE:FET) last posted its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The business had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. On average, equities research analysts predict that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current year.

Analysts Set New Price Targets

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

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.