Forum Energy Technologies, Inc. $FET Stock Position Cut by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Forum Energy Technologies stake by 87.8% in the second quarter, selling 30,895 shares and retaining 4,309 shares worth approximately $216,000.
• Other institutional activity was mixed, with Squarepoint Ops increasing its holdings nearly eightfold and several investors initiating new positions. Institutional investors and hedge funds collectively own 65.6% of FET.
• FET reported quarterly earnings of $1.16 per share, beating estimates of $0.56, while revenue of $226.2 million also exceeded expectations. Analyst sentiment was mixed but resulted in a “Moderate Buy” consensus rating.

Engineers Gate Manager LP lessened its holdings in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 87.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,309 shares of the oil and gas company's stock after selling 30,895 shares during the period. Engineers Gate Manager LP's holdings in Forum Energy Technologies were worth $216,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new stake in Forum Energy Technologies in the 2nd quarter valued at $33,000. IFP Advisors Inc increased its stake in shares of Forum Energy Technologies by 23.6% in the 2nd quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company's stock worth $65,000 after acquiring an additional 246 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Forum Energy Technologies by 795.8% during the 2nd quarter. Squarepoint Ops LLC now owns 38,161 shares of the oil and gas company's stock worth $1,917,000 after acquiring an additional 33,901 shares during the period. Amundi acquired a new position in shares of Forum Energy Technologies during the 2nd quarter valued at about $332,000. Finally, Concurrent Investment Advisors LLC purchased a new stake in shares of Forum Energy Technologies in the second quarter valued at about $1,811,000. Institutional investors and hedge funds own 65.60% of the company's stock.

Insider Activity at Forum Energy Technologies

In other Forum Energy Technologies news, EVP John Ivascu sold 5,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $6,539,184.64. This represents a 5.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the sale, the senior vice president owned 52,639 shares in the company, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 11,500 shares of company stock worth $877,615. 7.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Forum Energy Technologies Stock Up 0.1%

Shares of NYSE FET opened at $82.94 on Monday. The firm has a market cap of $932.74 million, a price-to-earnings ratio of -552.90, a PEG ratio of 2.58 and a beta of 0.59. The company has a quick ratio of 1.13, a current ratio of 2.19 and a debt-to-equity ratio of 0.49. Forum Energy Technologies, Inc. has a 52-week low of $25.07 and a 52-week high of $87.42. The business's 50 day moving average is $75.34 and its two-hundred day moving average is $62.29.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%.The business had revenue of $226.22 million during the quarter, compared to analyst estimates of $212.35 million. Research analysts predict that Forum Energy Technologies, Inc. will post 4.01 EPS for the current year.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc is a Houston-based oilfield services and equipment company that designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. Its offerings support drilling, well construction, completion, production and intervention activities, as well as subsea operations.

The company's product portfolio includes drilling and completion equipment, downhole tools, artificial-lift and production products, pressure-control equipment, subsea remotely operated vehicle systems, and equipment used for pipeline and infrastructure inspection.

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