Empowered Funds LLC Makes New $4.23 Million Investment in Forum Energy Technologies, Inc. $FET

Key Points

• Empowered Funds LLC acquired 84,244 shares of Forum Energy Technologies in the second quarter, valued at approximately $4.23 million and representing a 0.75% stake. Institutional investors collectively own 65.60% of FET.
• Forum Energy Technologies reported quarterly EPS of $1.16, beating the $0.56 consensus estimate, while revenue of $226.22 million also exceeded expectations.
• FET shares opened at $81.70, near their 52-week high of $87.42. Analyst sentiment is mixed, with upgrades from Wall Street Zen and Zacks Research but a “sell” rating from Weiss Ratings; MarketBeat rates the stock “Moderate Buy.”

Empowered Funds LLC acquired a new position in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 84,244 shares of the oil and gas company's stock, valued at approximately $4,232,000. Empowered Funds LLC owned 0.75% of Forum Energy Technologies as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FET. Jane Street Group LLC increased its stake in shares of Forum Energy Technologies by 53.6% during the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company's stock worth $402,000 after purchasing an additional 6,971 shares during the period. JPMorgan Chase & Co. lifted its holdings in Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company's stock worth $3,146,000 after purchasing an additional 108,490 shares during the last quarter. Rhumbline Advisers boosted its stake in Forum Energy Technologies by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company's stock valued at $403,000 after purchasing an additional 1,781 shares during the period. Raymond James Financial Inc. bought a new stake in Forum Energy Technologies in the 2nd quarter valued at $188,000. Finally, Keyframe Capital Partners L.P. grew its holdings in Forum Energy Technologies by 8.5% in the 2nd quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company's stock valued at $16,521,000 after buying an additional 66,322 shares in the last quarter. Institutional investors and hedge funds own 65.60% of the company's stock.

Forum Energy Technologies Trading Up 1.4%

Shares of FET stock opened at $81.70 on Tuesday. The stock has a market cap of $919.12 million, a P/E ratio of -544.63, a price-to-earnings-growth ratio of 2.51 and a beta of 0.53. Forum Energy Technologies, Inc. has a 1 year low of $25.07 and a 1 year high of $87.42. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49. The stock has a 50 day simple moving average of $63.18 and a 200 day simple moving average of $58.82.

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 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.60. The firm had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. On average, research analysts predict that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 1,500 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the transaction, the senior vice president owned 52,639 shares of the company's stock, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John C. Ivascu sold 5,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total transaction of $406,100.00. Following the sale, the executive vice president directly owned 80,512 shares of the company's stock, valued at $6,539,184.64. This represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 11,500 shares of company stock worth $877,615. 7.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FET has been the topic of several recent research reports. Wall Street Zen upgraded Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Zacks Research upgraded shares of Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Forum Energy Technologies has an average rating of "Moderate Buy".

Forum Energy Technologies 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.

Want to see what other hedge funds are holding FET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Forum Energy Technologies, Inc. (NYSE:FET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source