Cubist Systematic Strategies LLC Takes $486,000 Position in Forum Energy Technologies, Inc. $FET

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 shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 24,169 shares of the oil and gas company's stock, valued at approximately $486,000. Cubist Systematic Strategies LLC owned about 0.20% of Forum Energy Technologies at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Forum Energy Technologies by 3.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 278,331 shares of the oil and gas company's stock worth $5,770,000 after acquiring an additional 10,066 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Forum Energy Technologies by 92.6% in the first quarter. American Century Companies Inc. now owns 138,560 shares of the oil and gas company's stock valued at $2,786,000 after acquiring an additional 66,620 shares during the period. Northern Trust Corp increased its stake in Forum Energy Technologies by 5.8% in the 4th quarter. Northern Trust Corp now owns 105,301 shares of the oil and gas company's stock worth $1,631,000 after buying an additional 5,807 shares during the period. Bank of America Corp DE increased its stake in Forum Energy Technologies by 57.3% in the 4th quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company's stock worth $1,605,000 after buying an additional 37,744 shares during the period. Finally, Millennium Management LLC increased its stake in Forum Energy Technologies by 25.9% in the 4th quarter. Millennium Management LLC now owns 44,271 shares of the oil and gas company's stock worth $686,000 after buying an additional 9,120 shares during the period. 65.60% of the stock is currently owned by institutional investors.

Forum Energy Technologies Stock Performance

FET traded down $0.65 during trading on Friday, reaching $26.87. 95,366 shares of the company's stock were exchanged, compared to its average volume of 100,192. Forum Energy Technologies, Inc. has a 1 year low of $12.78 and a 1 year high of $27.72. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.41 and a quick ratio of 1.13. The stock has a market capitalization of $319.75 million, a P/E ratio of -3.02, a price-to-earnings-growth ratio of 6.81 and a beta of 0.89. The company's fifty day simple moving average is $22.38 and its 200-day simple moving average is $18.87.

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

Wall Street Analyst Weigh In

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

Forum Energy Technologies 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.