Forum Energy Technologies, Inc. $FET Shares Bought by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC significantly increased its stake in Forum Energy Technologies by 995% during the first quarter, holding 54,498 shares valued at over $1 million.
• Forum Energy Technologies' stock was recently downgraded to a "strong sell" rating by Zacks Research, with a consensus rating of "sell" from analysts.
• Despite the downgrade, Forum Energy Technologies' stock price rose 3.5%, reaching $27.38, with the company reporting revenues exceeding analysts' expectations at $199.80 million for the latest quarter.

Acadian Asset Management LLC increased its holdings in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 995.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 54,498 shares of the oil and gas company's stock after acquiring an additional 49,521 shares during the period. Acadian Asset Management LLC owned approximately 0.44% of Forum Energy Technologies worth $1,093,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FET. Headlands Technologies LLC grew its position in Forum Energy Technologies by 196.6% in the first quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 820 shares during the period. GAMMA Investing LLC grew its position in Forum Energy Technologies by 1,911.1% in the first quarter. GAMMA Investing LLC now owns 2,172 shares of the oil and gas company's stock worth $44,000 after acquiring an additional 2,064 shares during the period. Jane Street Group LLC purchased a new position in Forum Energy Technologies in the fourth quarter worth approximately $201,000. Victory Capital Management Inc. purchased a new position in Forum Energy Technologies in the first quarter worth approximately $206,000. Finally, BNP Paribas Financial Markets purchased a new position in Forum Energy Technologies in the fourth quarter worth approximately $269,000. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Forum Energy Technologies Stock Down 3.6%

NYSE:FET traded down $0.99 during midday trading on Friday, reaching $26.39. The company had a trading volume of 146,393 shares, compared to its average volume of 119,044. The firm has a market capitalization of $314.03 million, a price-to-earnings ratio of -2.97, a PEG ratio of 6.53 and a beta of 0.89. The stock's fifty day simple moving average is $23.01 and its 200-day simple moving average is $19.19. Forum Energy Technologies, Inc. has a 12-month low of $12.78 and a 12-month high of $27.72. The company has a current ratio of 2.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its 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). The company had revenue of $199.80 million during the quarter, compared to analysts' expectations of $190.50 million. Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%.

Forum Energy Technologies Company 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.