Bank of New York Mellon Corp Buys New Shares in Forum Energy Technologies, Inc. $FET

Key Points

• Bank of New York Mellon initiated a position in Forum Energy Technologies, buying 50,665 shares valued at approximately $2.5 million, or about 0.45% of the company. Institutional investors collectively own 65.6% of FET.
• Forum Energy Technologies exceeded quarterly expectations, reporting $1.16 in earnings per share versus the $0.56 consensus estimate and revenue of $226.2 million versus forecasts of $212.4 million.
• FET shares opened at $80.55, near their 52-week high of $87.42, while analyst sentiment remained mixed: Zacks Research and Wall Street Zen upgraded the stock to “strong buy,” but Weiss Ratings maintained a “sell” rating.

Bank of New York Mellon Corp purchased a new position in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 50,665 shares of the oil and gas company's stock, valued at approximately $2,545,000. Bank of New York Mellon Corp owned about 0.45% of Forum Energy Technologies as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FET. Meeder Asset Management Inc. bought a new position in shares of Forum Energy Technologies in the fourth quarter worth approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Forum Energy Technologies during the 4th quarter valued at $37,000. Kemnay Advisory Services Inc. bought a new position in shares of Forum Energy Technologies during the fourth quarter valued at about $75,000. Tower Research Capital LLC TRC raised its stake in shares of 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 valued at $41,000 after acquiring an additional 1,771 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Forum Energy Technologies during the first quarter worth about $126,000. Institutional investors own 65.60% of the company's stock.

Forum Energy Technologies Stock Performance

Forum Energy Technologies stock opened at $80.55 on Tuesday. The stock's 50 day simple moving average is $66.34 and its two-hundred day simple moving average is $59.93. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 2.19. The stock has a market cap of $906.19 million, a price-to-earnings ratio of -536.96, a PEG ratio of 2.50 and a beta of 0.59. Forum Energy Technologies, Inc. has a fifty-two week low of $25.07 and a fifty-two week high of $87.42.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.60. The company had revenue of $226.22 million for the quarter, compared to analysts' expectations of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. As a group, analysts expect that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Zacks Research raised Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy".

Insider Activity at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction on Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $353,150.00. Following the completion of the sale, the executive vice president directly owned 85,512 shares in the company, valued at $6,039,712.56. This trade represents a 5.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,500 shares of company stock valued at $877,615 over the last quarter. Company insiders own 7.70% of the company's stock.

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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