Bank of America Corp DE Purchases 61,389 Shares of Forum Energy Technologies, Inc. $FET

Key Points

• Bank of America acquired 61,389 shares of Forum Energy Technologies during the second quarter, worth approximately $3.08 million and representing about 0.55% of the company. Institutional investors collectively own 65.6% of FET.
• Forum Energy Technologies reported quarterly EPS of $1.16, exceeding the $0.56 consensus estimate, while revenue of $226.22 million also surpassed expectations. Analysts project full-year EPS of $4.01.
• FET shares opened at $80.19 after a reported 3.4% decline, with the stock trading between $25.07 and $87.42 over the past year. Analyst opinions remain mixed, but the average rating is “Moderate Buy.”

Bank of America Corp DE acquired a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 61,389 shares of the oil and gas company's stock, valued at approximately $3,084,000. Bank of America Corp DE owned about 0.55% of Forum Energy Technologies as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FET. Man Group plc purchased a new stake in shares of Forum Energy Technologies during the second quarter valued at $313,000. Hsbc Holdings PLC purchased a new position in Forum Energy Technologies in the 2nd quarter worth about $566,000. Canada Pension Plan Investment Board purchased a new position in Forum Energy Technologies in the 2nd quarter worth about $311,000. Legal & General Group Plc bought a new stake in Forum Energy Technologies during the 2nd quarter valued at about $96,000. Finally, Algert Global LLC lifted its holdings in Forum Energy Technologies by 28.4% during the 2nd quarter. Algert Global LLC now owns 109,695 shares of the oil and gas company's stock valued at $5,510,000 after buying an additional 24,266 shares in the last quarter. Institutional investors own 65.60% of the company's stock.

Insider Activity

In other Forum Energy Technologies news, EVP John C. Ivascu sold 5,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total value of $406,100.00. Following the sale, the executive vice president directly owned 80,512 shares of the company's stock, valued at approximately $6,539,184.64. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares of the company's stock, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 11,500 shares of company stock valued at $877,615. Corporate insiders own 7.70% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Finally, Wall Street Zen raised Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Forum Energy Technologies currently has an average rating of "Moderate Buy".

Forum Energy Technologies Trading Down 3.4%

NYSE FET opened at $80.19 on Wednesday. Forum Energy Technologies, Inc. has a 52 week low of $25.07 and a 52 week high of $87.42. The company has a 50 day moving average price of $76.41 and a 200 day moving average price of $62.63. The company has a quick ratio of 1.13, a current ratio of 2.19 and a debt-to-equity ratio of 0.49. The firm has a market cap of $902.19 million, a PE ratio of -534.60, a price-to-earnings-growth ratio of 2.59 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.60. The business 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%. As a group, sell-side analysts forecast that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

About Forum Energy Technologies

Forum Energy Technologies, Inc is a Houston-based oilfield services and equipment company that designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. Its offerings support drilling, well construction, completion, production and intervention activities, as well as subsea operations.

The company's product portfolio includes drilling and completion equipment, downhole tools, artificial-lift and production products, pressure-control equipment, subsea remotely operated vehicle systems, and equipment used for pipeline and infrastructure inspection.

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