Dimensional Fund Advisors LP Acquires 33,802 Shares of Forum Energy Technologies, Inc. $FET

Key Points

• Dimensional Fund Advisors increased its Forum Energy Technologies stake by 5.7%, purchasing 33,802 shares to reach 626,938 shares valued at approximately $36.8 million, or 5.55% of the company.
• Other institutional investors also established or expanded positions, contributing to institutional and hedge-fund ownership of 65.6% of FET. An insider, meanwhile, sold 3,000 shares valued at $166,470.
• FET shares rose 12.6% and opened at $70.58, near their 52-week high, after the company reported quarterly EPS of $1.16 versus the $0.56 consensus and revenue of $226.2 million. Despite the earnings beat, analysts’ average rating remains “Reduce.”

Dimensional Fund Advisors LP grew its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 5.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 626,938 shares of the oil and gas company's stock after buying an additional 33,802 shares during the period. Dimensional Fund Advisors LP owned approximately 5.55% of Forum Energy Technologies worth $36,775,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of FET. Ritholtz Wealth Management bought a new position in Forum Energy Technologies during the fourth quarter worth $1,196,000. Hillsdale Investment Management Inc. acquired a new position in shares of Forum Energy Technologies during the first quarter valued at about $7,682,000. Independent Financial Group LLC acquired a new position in shares of Forum Energy Technologies during the first quarter valued at about $1,746,000. Janney Montgomery Scott LLC bought a new position in shares of Forum Energy Technologies during the 1st quarter worth about $877,000. Finally, Principal Financial Group Inc. bought a new position in shares of Forum Energy Technologies during the 1st quarter worth about $912,000. Institutional investors and hedge funds own 65.60% of the company's stock.

Insider Transactions at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the sale, the senior vice president directly owned 54,139 shares of the company's stock, valued at approximately $3,004,173.11. This represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.70% of the company's stock.

Forum Energy Technologies Trading Up 12.6%

NYSE:FET opened at $70.58 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. Forum Energy Technologies, Inc. has a one year low of $18.12 and a one year high of $71.73. The company has a market cap of $797.88 million, a PE ratio of -470.53, a PEG ratio of 3.63 and a beta of 0.54. The firm has a 50-day moving average of $52.24 and a 200-day moving average of $53.88.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.60. The business had revenue of $226.22 million for the quarter, compared to analysts' expectations of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. As a group, equities research analysts expect that Forum Energy Technologies, Inc. will post 2.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FET. Wall Street Zen raised Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Zacks Research cut Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a report on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce".

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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