24,169 Shares in Forum Energy Technologies, Inc. $FET Acquired by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC acquired a new position in Forum Energy Technologies, purchasing 24,169 shares valued at approximately $486,000, which represents 0.20% ownership as of the latest SEC filing.
• Forum Energy Technologies recently reported earnings, missing the consensus estimate with a loss of ($0.10) EPS despite revenues of $199.80 million, surpassing expectations of $190.50 million.
• Multiple large investors, including Bank of America Corp DE and Tower Research Capital LLC TRC, increased their stakes in Forum Energy Technologies, contributing to institutional ownership of about 65.60%.

Cubist Systematic Strategies LLC bought a new stake in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 24,169 shares of the oil and gas company's stock, valued at approximately $486,000. Cubist Systematic Strategies LLC owned 0.20% of Forum Energy Technologies at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Headlands Technologies LLC grew its stake in shares of Forum Energy Technologies by 196.6% in the 1st quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock valued at $25,000 after buying an additional 820 shares during the period. Tower Research Capital LLC TRC lifted its position in Forum Energy Technologies by 126.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company's stock valued at $37,000 after acquiring an additional 1,319 shares in the last quarter. GAMMA Investing LLC lifted its position in Forum Energy Technologies by 1,911.1% in the 1st quarter. GAMMA Investing LLC now owns 2,172 shares of the oil and gas company's stock valued at $44,000 after acquiring an additional 2,064 shares in the last quarter. Jane Street Group LLC bought a new position in Forum Energy Technologies in the 4th quarter valued at about $201,000. Finally, Victory Capital Management Inc. bought a new position in Forum Energy Technologies in the 1st quarter valued at about $206,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Forum Energy Technologies Stock Performance

Shares of Forum Energy Technologies stock remained flat at $26.56 during mid-day trading on Tuesday. 125,295 shares of the company's stock traded hands, compared to its average volume of 96,616. Forum Energy Technologies, Inc. has a 1 year low of $12.78 and a 1 year high of $27.72. The firm's 50 day moving average is $22.64 and its 200-day moving average is $18.98. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $316.06 million, a P/E ratio of -2.99, a P/E/G ratio of 6.57 and a beta of 0.89.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.25). The firm had revenue of $199.80 million for the quarter, compared to the consensus estimate of $190.50 million. Forum Energy Technologies had a negative return on equity of 2.51% and a negative net margin of 13.65%.

Analyst Upgrades and Downgrades

Separately, Zacks Research cut shares of Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of "Sell".

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.