Crossingbridge Advisors LLC Has $1.27 Million Holdings in Forum Energy Technologies, Inc. $FET

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 shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 73.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 63,067 shares of the oil and gas company's stock after selling 177,598 shares during the quarter. Crossingbridge Advisors LLC owned about 0.51% of Forum Energy Technologies worth $1,268,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. American Century Companies Inc. lifted its position in shares of Forum Energy Technologies by 92.6% during the 1st quarter. American Century Companies Inc. now owns 138,560 shares of the oil and gas company's stock worth $2,786,000 after purchasing an additional 66,620 shares during the last quarter. Nuveen LLC acquired a new position in shares of Forum Energy Technologies during the 1st quarter worth about $720,000. Headlands Technologies LLC lifted its position in shares of Forum Energy Technologies by 196.6% during the 1st quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 820 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Forum Energy Technologies by 4.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,342 shares of the oil and gas company's stock worth $671,000 after purchasing an additional 1,480 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Forum Energy Technologies during the 1st quarter worth about $206,000. Institutional investors own 65.60% of the company's stock.

Forum Energy Technologies Stock Performance

Forum Energy Technologies stock traded down $0.19 during trading hours on Tuesday, hitting $24.87. The stock had a trading volume of 34,974 shares, compared to its average volume of 77,221. The company has a 50-day moving average of $20.53 and a two-hundred day moving average of $18.12. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The company has a market cap of $295.95 million, a PE ratio of -2.80, a price-to-earnings-growth ratio of 3.47 and a beta of 0.88. Forum Energy Technologies, Inc. has a fifty-two week low of $12.78 and a fifty-two week high of $25.58.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings results 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). The firm had revenue of $199.80 million during the quarter, compared to analyst estimates of $190.50 million. Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Zacks Research cut Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. Wall Street Zen raised 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 MarketBeat, Forum Energy Technologies presently has an average rating of "Sell".

About Forum Energy Technologies

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.