Forum Energy Technologies, Inc. $FET Shares Acquired by Algert Global LLC

Key Points

• Algert Global increased its Forum Energy Technologies stake by 28.4% in the second quarter, bringing its holdings to 109,695 shares valued at approximately $5.51 million. Institutional investors collectively own 65.6% of the company.
• Analyst sentiment is mixed but leans positive, with upgrades from Zacks Research and Wall Street Zen contributing to a “Moderate Buy” consensus, despite a separate “Sell” rating from Weiss Ratings.
• Forum Energy Technologies exceeded quarterly expectations, reporting $1.16 in earnings per share versus the $0.56 estimate and revenue of $226.22 million against a $212.35 million consensus. Meanwhile, insiders sold 11,500 shares worth $877,615 over the past three months.

Algert Global LLC lifted its position in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 28.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 109,695 shares of the oil and gas company's stock after purchasing an additional 24,266 shares during the quarter. Algert Global LLC owned about 0.98% of Forum Energy Technologies worth $5,510,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Forum Energy Technologies during the 2nd quarter valued at $3,699,000. Globeflex Capital L P purchased a new position in Forum Energy Technologies in the second quarter valued at about $685,000. NYL Investors LLC purchased a new position in Forum Energy Technologies in the second quarter valued at about $517,408,000. Quantbot Technologies LP acquired a new position in shares of Forum Energy Technologies during the second quarter worth about $355,000. Finally, De Lisle Partners LLP purchased a new stake in shares of Forum Energy Technologies in the second quarter worth about $11,389,000. Institutional investors and hedge funds own 65.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FET shares. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Finally, Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

Insiders Place Their Bets

In related news, SVP Michael Dewayne Danford sold 1,500 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the sale, the senior vice president owned 52,639 shares of the company's stock, valued at $4,153,743.49. This represents a 2.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John C. Ivascu sold 5,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were 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 approximately $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. Insiders have sold 11,500 shares of company stock worth $877,615 over the last three months. 7.70% of the stock is owned by corporate insiders.

Forum Energy Technologies Stock Performance

Shares of Forum Energy Technologies stock opened at $79.98 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. Forum Energy Technologies, Inc. has a 1 year low of $25.07 and a 1 year high of $87.42. The firm's 50-day simple moving average is $61.99 and its 200-day simple moving average is $58.35. The firm has a market cap of $899.82 million, a PE ratio of -533.19, a price-to-earnings-growth ratio of 2.36 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $226.22 million during the quarter, compared to the consensus estimate of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. Equities analysts forecast that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current fiscal year.

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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