Monaco Asset Management SAM Sells 22,912 Shares of Forum Energy Technologies, Inc. (NYSE:FET)

Key Points

• Monaco Asset Management SAM reduced its holdings in Forum Energy Technologies by 30.5%, selling 22,912 shares during the 1st quarter, leaving it with 52,206 shares worth approximately $1,050,000.
• Forum Energy Technologies reported a quarterly loss, with earnings per share of $0.04, falling short of analysts' expectations of $0.43 and had revenues of $193.30 million against anticipated $196.45 million.
• Shares of Forum Energy Technologies have a current market price of $20.71, having reached a twelve month low of $12.78 and a high of $21.57.

Monaco Asset Management SAM cut its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 30.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,206 shares of the oil and gas company's stock after selling 22,912 shares during the quarter. Monaco Asset Management SAM owned approximately 0.42% of Forum Energy Technologies worth $1,050,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. American Century Companies Inc. grew its holdings in Forum Energy Technologies by 41.0% in the 4th quarter. American Century Companies Inc. now owns 71,940 shares of the oil and gas company's stock valued at $1,114,000 after buying an additional 20,925 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Forum Energy Technologies by 445.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company's stock worth $747,000 after acquiring an additional 39,364 shares in the last quarter. Diametric Capital LP bought a new stake in shares of Forum Energy Technologies in the fourth quarter valued at about $350,000. Trexquant Investment LP acquired a new position in Forum Energy Technologies during the fourth quarter worth approximately $315,000. Finally, Wells Fargo & Company MN grew 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 valued at $130,000 after purchasing an additional 2,479 shares during the last quarter. 65.60% of the stock is currently owned by institutional investors.

Forum Energy Technologies Stock Down 2.5%

Forum Energy Technologies stock traded down $0.51 during trading on Wednesday, reaching $20.17. The stock had a trading volume of 50,954 shares, compared to its average volume of 78,006. The business has a 50 day moving average price of $18.51 and a 200 day moving average price of $17.70. Forum Energy Technologies, Inc. has a 52-week low of $12.78 and a 52-week high of $21.57. The stock has a market cap of $249.50 million, a PE ratio of -2.01, a P/E/G ratio of 2.35 and a beta of 0.84. The company has a quick ratio of 1.10, a current ratio of 2.46 and a debt-to-equity ratio of 0.53.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.39). Forum Energy Technologies had a negative return on equity of 2.26% and a negative net margin of 15.35%. The firm had revenue of $193.30 million for the quarter, compared to analyst estimates of $196.45 million. During the same period in the prior year, the business earned ($0.12) earnings per share.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Forum Energy Technologies from a "hold" rating to a "buy" rating in a research report on Tuesday, May 6th.

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.