American Century Companies Inc. Has $2.79 Million Stake in Forum Energy Technologies, Inc. $FET

Key Points

• American Century Companies Inc. increased its stake in Forum Energy Technologies by 92.6%, owning approximately 1.12% of the company valued at $2.78 million.
• Forum Energy Technologies reported a loss of $0.10 per share in its latest quarterly earnings, missing analyst estimates, despite exceeding revenue expectations with $199.80 million.
• Institutional investors hold around 65.60% of Forum Energy Technologies' shares, indicating significant hedge fund interest in the company.

American Century Companies Inc. lifted its stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 92.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 138,560 shares of the oil and gas company's stock after buying an additional 66,620 shares during the quarter. American Century Companies Inc. owned about 1.12% of Forum Energy Technologies worth $2,786,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Headlands Technologies LLC lifted its stake in shares of Forum Energy Technologies by 196.6% during the 1st quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock worth $25,000 after buying an additional 820 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Forum Energy Technologies by 1,911.1% during the 1st quarter. GAMMA Investing LLC now owns 2,172 shares of the oil and gas company's stock worth $44,000 after buying an additional 2,064 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Forum Energy Technologies by 126.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 1,319 shares in the last quarter. Wells Fargo & Company MN raised its stake in Forum Energy Technologies by 41.7% in the 4th quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company's stock worth $130,000 after purchasing an additional 2,479 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Forum Energy Technologies in the 1st quarter worth about $206,000. Institutional investors and hedge funds own 65.60% of the company's stock.

Analyst Ratings Changes

Separately, Zacks Research cut shares of Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Sell".

Forum Energy Technologies Price Performance

Shares of Forum Energy Technologies stock traded up $0.87 during midday trading on Thursday, hitting $26.40. 53,917 shares of the company traded hands, compared to its average volume of 78,394. The stock has a market cap of $314.12 million, a price-to-earnings ratio of -2.96, a PEG ratio of 5.65 and a beta of 0.89. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.41. The firm's fifty day moving average price is $21.38 and its 200-day moving average price is $18.49. Forum Energy Technologies, Inc. has a 12 month low of $12.78 and a 12 month high of $26.70.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $199.80 million for the quarter, compared to the consensus estimate of $190.50 million.

Forum Energy Technologies Company 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.