BlackRock Inc. Acquires Shares of 950,933 Forum Energy Technologies, Inc. $FET

Key Points

• BlackRock acquired 950,933 shares of Forum Energy Technologies in the second quarter, valued at approximately $47.8 million and representing an 8.46% stake.
• Institutional ownership remains significant at 65.6%, with JPMorgan more than doubling its position during the quarter.
• Forum Energy Technologies reported quarterly EPS of $1.16, beating estimates of $0.56, while shares opened at $81.70 near their 12-month high; analyst sentiment was mixed but averaged a “Moderate Buy” rating.

BlackRock Inc. purchased a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 950,933 shares of the oil and gas company's stock, valued at approximately $47,765,000. BlackRock Inc. owned approximately 8.46% of Forum Energy Technologies at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FET. Empowered Funds LLC increased its position in shares of Forum Energy Technologies by 8.8% during the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company's stock valued at $280,000 after purchasing an additional 1,127 shares during the last quarter. Jane Street Group LLC boosted its stake in Forum Energy Technologies by 53.6% during the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company's stock worth $402,000 after buying an additional 6,971 shares during the period. JPMorgan Chase & Co. increased its position in Forum Energy Technologies by 204.3% during the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company's stock valued at $3,146,000 after acquiring an additional 108,490 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Forum Energy Technologies by 9.4% in the second quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company's stock valued at $403,000 after acquiring an additional 1,781 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Forum Energy Technologies in the second quarter valued at $188,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Stock Up 1.4%

Shares of FET stock opened at $81.70 on Tuesday. Forum Energy Technologies, Inc. has a twelve month low of $25.07 and a twelve month high of $87.42. The stock has a market cap of $919.12 million, a P/E ratio of -544.63, a P/E/G ratio of 2.51 and a beta of 0.53. The stock has a 50 day moving average of $63.18 and a 200 day moving average of $58.82. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49.

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 for the quarter, topping analysts' consensus estimates of $0.56 by $0.60. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%.The company had revenue of $226.22 million during the quarter, compared to analysts' expectations of $212.35 million. As a group, sell-side analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FET shares. Zacks Research raised shares of Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 2nd. One 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 stock presently has an average rating of "Moderate Buy".

Insider Transactions at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 1,500 shares of the business's stock in a transaction that occurred 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 sale, the senior vice president directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the transaction, the executive vice president directly owned 85,512 shares of the company's stock, valued at approximately $6,039,712.56. This 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 sold a total of 11,500 shares of company stock worth $877,615 over the last ninety days. 7.70% of the stock is currently owned by corporate insiders.

Forum Energy Technologies Company 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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