Concurrent Investment Advisors LLC Acquires Shares of 36,048 Forum Energy Technologies, Inc. $FET

Key Points

• Concurrent Investment Advisors acquired 36,048 shares of Forum Energy Technologies in the second quarter, valued at approximately $1.81 million and representing about 0.32% of the company.
• Forum Energy Technologies reported quarterly EPS of $1.16, beating analysts’ $0.56 estimate, while revenue of $226.22 million also exceeded expectations.
• FET shares opened at $80.64, near their 12-month high of $87.42. Analyst sentiment was mixed but leaned positive, with the stock carrying a consensus “Moderate Buy” rating; insiders have sold 11,500 shares worth roughly $877,615 over the past 90 days.

Concurrent Investment Advisors LLC acquired a new stake in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 36,048 shares of the oil and gas company's stock, valued at approximately $1,811,000. Concurrent Investment Advisors LLC owned about 0.32% 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. Meeder Asset Management Inc. purchased a new stake in Forum Energy Technologies during the 4th quarter valued at $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Forum Energy Technologies during the fourth quarter worth $37,000. Tower Research Capital LLC TRC boosted its stake in 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 worth $41,000 after buying an additional 1,771 shares during the period. Kemnay Advisory Services Inc. bought a new position in Forum Energy Technologies during the fourth quarter valued at $75,000. Finally, Osaic Holdings Inc. purchased a new stake in shares of Forum Energy Technologies in the second quarter valued at $78,000. Hedge funds and other institutional investors own 65.60% of the company's stock.

Forum Energy Technologies Stock Performance

FET stock opened at $80.64 on Thursday. 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 business's fifty day simple moving average is $67.57 and its two-hundred day simple moving average is $60.32. Forum Energy Technologies, Inc. has a twelve month low of $25.07 and a twelve month high of $87.42. The firm has a market cap of $907.26 million, a price-to-earnings ratio of -537.60, a PEG ratio of 2.49 and a beta of 0.59.

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

Insiders Place Their Bets

In other news, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total transaction of $406,100.00. Following the transaction, the executive vice president owned 80,512 shares of the company's stock, valued at approximately $6,539,184.64. This represents a 5.85% decrease in their position. The transaction was disclosed in a filing 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 firm's stock in a transaction 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 transaction, the senior vice president owned 52,639 shares in the company, valued at approximately $4,153,743.49. This represents a 2.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 11,500 shares of company stock valued at $877,615. 7.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FET has been the subject of several analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Wall Street Zen upgraded shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. Finally, Zacks Research raised shares of Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

About Forum Energy Technologies

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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