Allspring Global Investments Holdings LLC Buys 9,748 Shares of Forum Energy Technologies, Inc. $FET

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Forum Energy Technologies by 3.5%, acquiring an additional 9,748 shares, bringing its total ownership to 288,079 shares valued at approximately $5.5 million.
• Several institutional investors have also boosted their holdings in Forum Energy Technologies, including PenderFund Capital Management Ltd. and American Century Companies Inc., with increases of 89.7% and 92.6% respectively during the first quarter.
• Analysts have a consensus rating of "Sell" for Forum Energy Technologies, with Weiss Ratings maintaining a "sell (d-)" and Zacks Research downgrading the stock to "strong sell."

Allspring Global Investments Holdings LLC increased its holdings in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 3.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 288,079 shares of the oil and gas company's stock after purchasing an additional 9,748 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 2.33% of Forum Energy Technologies worth $5,548,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of FET. PenderFund Capital Management Ltd. raised its holdings in shares of Forum Energy Technologies by 89.7% during the first quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company's stock valued at $7,595,000 after purchasing an additional 178,557 shares during the period. American Century Companies Inc. increased its stake in Forum Energy Technologies by 92.6% in the 1st quarter. American Century Companies Inc. now owns 138,560 shares of the oil and gas company's stock valued at $2,786,000 after buying an additional 66,620 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Forum Energy Technologies by 995.0% during the 1st quarter. Acadian Asset Management LLC now owns 54,498 shares of the oil and gas company's stock worth $1,093,000 after purchasing an additional 49,521 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Forum Energy Technologies during the 1st quarter worth approximately $720,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Forum Energy Technologies by 4.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,342 shares of the oil and gas company's stock worth $671,000 after purchasing an additional 1,480 shares during the last quarter. Institutional investors own 65.60% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on FET shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Wednesday, October 8th. Zacks Research cut Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of "Sell".

Forum Energy Technologies Price Performance

Shares of NYSE:FET opened at $28.37 on Tuesday. The company's fifty day moving average is $26.00 and its 200 day moving average is $20.29. Forum Energy Technologies, Inc. has a 52 week low of $12.78 and a 52 week high of $28.78. The stock has a market cap of $337.57 million, a PE ratio of -3.19, a PEG ratio of 6.63 and a beta of 0.89. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.25). Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%. The firm had revenue of $199.80 million during the quarter, compared to analysts' expectations of $190.50 million.

Forum Energy Technologies Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.

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