Forum Energy Technologies, Inc. $FET Shares Acquired by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC boosted its stake in Forum Energy Technologies by 82.9%, acquiring an additional 14,396 shares during the first quarter, bringing its total ownership to 31,768 shares valued at $639,000.
• Institutional investors and hedge funds collectively own 65.60% of Forum Energy Technologies' stock, indicating strong institutional interest.
• Zacks Research downgraded Forum Energy Technologies from a "hold" rating to a "strong sell" rating, with the stock currently having a consensus rating of "Sell."

Voya Investment Management LLC increased its stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 82.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,768 shares of the oil and gas company's stock after acquiring an additional 14,396 shares during the quarter. Voya Investment Management LLC owned about 0.26% of Forum Energy Technologies worth $639,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FET. Jane Street Group LLC purchased a new stake in Forum Energy Technologies in the 4th quarter valued at $201,000. Bank of America Corp DE raised its holdings in shares of Forum Energy Technologies by 57.3% in the fourth quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company's stock valued at $1,605,000 after buying an additional 37,744 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Forum Energy Technologies by 25.9% in the fourth quarter. Millennium Management LLC now owns 44,271 shares of the oil and gas company's stock valued at $686,000 after buying an additional 9,120 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of Forum Energy Technologies by 146.0% during the fourth quarter. Two Sigma Investments LP now owns 37,493 shares of the oil and gas company's stock worth $581,000 after buying an additional 22,249 shares during the period. Finally, Two Sigma Advisers LP raised its stake in Forum Energy Technologies by 90.6% during the 4th quarter. Two Sigma Advisers LP now owns 27,985 shares of the oil and gas company's stock valued at $433,000 after acquiring an additional 13,300 shares during the last quarter. Institutional investors and hedge funds own 65.60% of the company's stock.

Analysts Set New Price Targets

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

Forum Energy Technologies Price Performance

Shares of NYSE:FET opened at $27.45 on Friday. The firm has a market capitalization of $326.68 million, a price-to-earnings ratio of -3.09, a price-to-earnings-growth ratio of 6.88 and a beta of 0.89. 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 business's 50 day simple moving average is $23.63 and its 200-day simple moving average is $19.44. Forum Energy Technologies, Inc. has a 12 month low of $12.78 and a 12 month high of $28.25.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $199.80 million for the quarter, compared to analyst estimates of $190.50 million.

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.

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