Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 73,634 Forum Energy Technologies, Inc. $FET

Key Points

• Connor Clark & Lunn Investment Management acquired 73,634 shares of Forum Energy Technologies worth approximately $3.7 million, giving it a 0.65% stake. Institutional investors collectively own 65.60% of the company.
• Forum Energy Technologies exceeded quarterly expectations, reporting $1.16 in earnings per share versus the $0.56 consensus estimate and revenue of $226.22 million versus $212.35 million expected.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating; meanwhile, insiders sold 11,500 shares worth $877,615 over the last quarter.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 73,634 shares of the oil and gas company's stock, valued at approximately $3,699,000. Connor Clark & Lunn Investment Management Ltd. owned 0.65% of Forum Energy Technologies at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in FET. Russell Investments Group Ltd. raised its holdings in shares of Forum Energy Technologies by 7.0% during the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company's stock worth $349,000 after acquiring an additional 618 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company's stock valued at $385,000 after purchasing an additional 793 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Forum Energy Technologies in the 4th quarter worth about $35,000. Raymond James Financial Inc. lifted its holdings in shares of Forum Energy Technologies by 10.1% in the 3rd quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company's stock valued at $283,000 after acquiring an additional 971 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Forum Energy Technologies in the fourth quarter worth about $37,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Price Performance

Shares of FET opened at $80.56 on Friday. 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 capitalization of $906.30 million, a PE ratio of -537.03, a PEG ratio of 2.49 and a beta of 0.53. The company has a 50 day moving average price of $62.57 and a 200-day moving average price of $58.50. 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 posted its quarterly earnings data 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 firm had revenue of $226.22 million during the quarter, compared to analysts' expectations of $212.35 million. Equities analysts predict that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report 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 Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Forum Energy Technologies currently has a consensus rating of "Moderate Buy".

Insider Buying and Selling at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 1,500 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the sale, the senior vice president directly owned 52,639 shares in the company, valued at $4,153,743.49. This trade represents a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John C. Ivascu sold 5,000 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total transaction of $353,150.00. Following the transaction, the executive vice president owned 85,512 shares of the company's stock, valued at $6,039,712.56. This represents a 5.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 11,500 shares of company stock valued at $877,615. Company insiders own 7.70% of the company's stock.

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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