Forum Energy Technologies, Inc. $FET Shares Sold by Crossingbridge Advisors LLC

Key Points

• Crossingbridge Advisors LLC has reduced its stake in Forum Energy Technologies by 73.8%, selling 177,598 shares and now holding 63,067 shares worth approximately $1.27 million.
• Meanwhile, several other institutional investors, including JPMorgan Chase and Wells Fargo, have significantly increased their positions in the company during the fourth quarter.
• Forum Energy Technologies reported a loss of $0.10 per share for the latest quarter, missing estimates, while its revenue was $199.80 million, surpassing expectations.

Crossingbridge Advisors LLC lessened its stake in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 73.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,067 shares of the oil and gas company's stock after selling 177,598 shares during the period. Crossingbridge Advisors LLC owned about 0.51% of Forum Energy Technologies worth $1,268,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of Forum Energy Technologies by 445.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company's stock valued at $747,000 after purchasing an additional 39,364 shares during the period. Wells Fargo & Company MN raised its position in shares of Forum Energy Technologies by 41.7% in the fourth quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company's stock worth $130,000 after acquiring an additional 2,479 shares during the period. Russell Investments Group Ltd. raised its position in shares of Forum Energy Technologies by 63.7% in the fourth quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company's stock worth $34,000 after acquiring an additional 859 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Forum Energy Technologies by 20.4% during the 4th quarter. Renaissance Technologies LLC now owns 105,075 shares of the oil and gas company's stock worth $1,628,000 after acquiring an additional 17,775 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Forum Energy Technologies by 7.7% during the 4th quarter. Barclays PLC now owns 29,851 shares of the oil and gas company's stock valued at $462,000 after acquiring an additional 2,137 shares during the period. Institutional investors and hedge funds own 65.60% of the company's stock.

Forum Energy Technologies Trading Down 1.4%

Shares of Forum Energy Technologies stock opened at $23.1960 on Thursday. 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, Inc. has a twelve month low of $12.78 and a twelve month high of $24.33. The firm has a market capitalization of $276.10 million, a PE ratio of -2.61, a P/E/G ratio of 3.32 and a beta of 0.88. The firm's 50-day moving average price is $20.23 and its 200 day moving average price is $17.98.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The oil and gas company reported ($0.10) 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 analysts' expectations of $190.50 million.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FET shares. Zacks Research cut Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 13th. Wall Street Zen upgraded Forum Energy Technologies from a "hold" rating to a "buy" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Forum Energy Technologies currently has an average rating of "Sell".

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.

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