27,813 Shares in Forum Energy Technologies, Inc. $FET Purchased by Walleye Capital LLC

Key Points

• Walleye Capital LLC opened a new position in Forum Energy Technologies, buying 27,813 shares worth about $1.63 million in the first quarter, according to its latest 13F filing.
• The stock had a mixed ownership backdrop, with several other hedge funds also adding positions and institutional investors now holding 65.60% of Forum Energy Technologies.
• Forum Energy Technologies reported better-than-expected quarterly results, posting EPS of $0.47 versus estimates of $0.44 and revenue of $208.7 million versus $201.3 million, though analysts still carry a Reduce consensus rating on the stock.

Walleye Capital LLC purchased a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,813 shares of the oil and gas company's stock, valued at approximately $1,632,000. Walleye Capital LLC owned about 0.25% of Forum Energy Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in Forum Energy Technologies during the fourth quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Forum Energy Technologies during the fourth quarter worth about $37,000. Tower Research Capital LLC TRC grew its holdings in Forum Energy Technologies by 558.7% during 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 purchasing an additional 1,771 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Forum Energy Technologies during the 4th quarter worth approximately $75,000. Finally, Osaic Holdings Inc. bought a new position in Forum Energy Technologies during the second quarter worth $78,000. 65.60% of the stock is currently owned by institutional investors.

Forum Energy Technologies Stock Down 0.4%

FET opened at $57.57 on Friday. Forum Energy Technologies, Inc. has a fifty-two week low of $18.12 and a fifty-two week high of $65.43. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. The company has a market capitalization of $650.52 million, a P/E ratio of -97.57, a P/E/G ratio of 3.35 and a beta of 0.54. The stock has a fifty day moving average of $52.19 and a 200-day moving average of $52.99.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. The business had revenue of $208.70 million for the quarter, compared to the consensus estimate of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. On average, equities analysts expect that Forum Energy Technologies, Inc. will post 2.16 EPS for the current year.

Insider Activity

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on FET. Zacks Research lowered shares of Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus 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.

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