Globeflex Capital L P Makes New Investment in Forum Energy Technologies, Inc. $FET

Key Points

• Globeflex Capital initiated a position in Forum Energy Technologies, purchasing 13,638 shares valued at approximately $685,000. Institutional investors collectively own 65.6% of the company.
• Forum Energy Technologies reported quarterly EPS of $1.16, beating estimates of $0.56, while revenue of $226.2 million also exceeded forecasts of $212.4 million.
• Analyst sentiment is mixed but leans positive, with the stock holding a “Moderate Buy” consensus; shares opened at $76.99, up 1.2%, after trading between $24.57 and $87.42 over the past year.

Globeflex Capital L P bought a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,638 shares of the oil and gas company's stock, valued at approximately $685,000. Globeflex Capital L P owned 0.12% of Forum Energy Technologies as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. NYL Investors LLC bought a new stake in shares of Forum Energy Technologies in the second quarter worth approximately $517,408,000. Quantbot Technologies LP bought a new position in Forum Energy Technologies during the second quarter valued at approximately $355,000. De Lisle Partners LLP bought a new position in Forum Energy Technologies during the second quarter valued at approximately $11,389,000. JB Capital Partners LP purchased a new stake in Forum Energy Technologies in the second quarter worth approximately $6,067,784,000. Finally, Meeder Asset Management Inc. purchased a new stake in Forum Energy Technologies in the second quarter worth approximately $123,000. Hedge funds and other institutional investors own 65.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FET. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Wall Street Zen raised Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. Finally, Zacks Research raised Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy".

Forum Energy Technologies Stock Up 1.2%

FET opened at $76.99 on Wednesday. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49. Forum Energy Technologies, Inc. has a 1-year low of $24.57 and a 1-year high of $87.42. The company has a market capitalization of $866.16 million, a PE ratio of -513.25, a PEG ratio of 2.37 and a beta of 0.53. The firm's 50 day simple moving average is $60.92 and its two-hundred day simple moving average is $57.91.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.60. The firm had revenue of $226.22 million during the quarter, compared to the consensus estimate of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. As a group, equities analysts forecast that Forum Energy Technologies, Inc. will post 4.01 EPS for the current year.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, EVP John C. Ivascu sold 5,000 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the sale, the executive vice president owned 85,512 shares in the company, valued at $6,039,712.56. This represents a 5.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Dewayne Danford sold 1,500 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the sale, the senior vice president owned 52,639 shares of the company's stock, valued at approximately $4,153,743.49. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,500 shares of company stock worth $877,615 over the last quarter. 7.70% of the stock is owned by company insiders.

Forum Energy Technologies Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company's offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.

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