Goldman Sachs Group Inc. Has $1.02 Million Holdings in Forum Energy Technologies, Inc. $FET

Key Points

• Goldman Sachs Group Inc. reduced its stake in Forum Energy Technologies by 28.4%, owning approximately 50,942 shares valued at $1.02 million after selling 20,250 shares in the first quarter.
• Forum Energy Technologies reported a loss of $0.10 earnings per share for the quarter, significantly missing analysts' estimates, although revenues reached $199.80 million, exceeding expectations.
• Wall Street analysts have downgraded Forum Energy Technologies to a "strong sell" rating, with the stock currently holding a consensus rating of "Sell."

Goldman Sachs Group Inc. lessened its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 28.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,942 shares of the oil and gas company's stock after selling 20,250 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.41% of Forum Energy Technologies worth $1,024,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp grew its position in shares of Forum Energy Technologies by 5.8% in the fourth quarter. Northern Trust Corp now owns 105,301 shares of the oil and gas company's stock valued at $1,631,000 after purchasing an additional 5,807 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Forum Energy Technologies during the fourth quarter worth approximately $201,000. BNP Paribas Financial Markets acquired a new position in Forum Energy Technologies in the 4th quarter valued at $269,000. Bank of America Corp DE grew its holdings in Forum Energy Technologies by 57.3% in the 4th quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company's stock valued at $1,605,000 after buying an additional 37,744 shares in the last quarter. Finally, Millennium Management LLC increased its position in Forum Energy Technologies by 25.9% during the 4th quarter. Millennium Management LLC now owns 44,271 shares of the oil and gas company's stock worth $686,000 after buying an additional 9,120 shares during the period. Institutional investors and hedge funds own 65.60% of the company's stock.

Forum Energy Technologies Trading Up 2.1%

Shares of NYSE:FET opened at $26.96 on Tuesday. The company has a market capitalization of $320.78 million, a P/E ratio of -3.03, a P/E/G ratio of 6.53 and a beta of 0.89. Forum Energy Technologies, Inc. has a 1 year low of $12.78 and a 1 year high of $27.72. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.41 and a quick ratio of 1.13. The business's 50 day simple moving average is $23.15 and its 200 day simple moving average is $19.25.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.25). The company had revenue of $199.80 million for the quarter, compared to analyst estimates of $190.50 million. Forum Energy Technologies had a negative return on equity of 2.51% and a negative net margin of 13.65%.

Wall Street Analysts Forecast Growth

Separately, Zacks Research cut Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus 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.

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