Hillsdale Investment Management Inc. Makes New $7.68 Million Investment in Forum Energy Technologies, Inc. $FET

Key Points

• Hillsdale Investment Management disclosed a new position in Forum Energy Technologies, buying 130,950 shares worth about $7.68 million in the first quarter. The stake represented roughly 1.16% of the company.
• Forum Energy Technologies stock was trading up 1.7% at $50.50, with a market cap of about $570.7 million. The shares have ranged from $18.12 to $65.43 over the past 12 months.
• The company reported better-than-expected quarterly results, posting EPS of $0.47 versus $0.44 expected and revenue of $208.7 million versus $201.3 million expected. However, analysts still hold a cautious view overall, with a consensus rating of “Reduce”.

Hillsdale Investment Management Inc. purchased a new position in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 130,950 shares of the oil and gas company's stock, valued at approximately $7,682,000. Hillsdale Investment Management Inc. owned about 1.16% of Forum Energy Technologies as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. bought a new stake in Forum Energy Technologies in the fourth quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Forum Energy Technologies during the fourth quarter worth $37,000. Tower Research Capital LLC TRC lifted its position in shares of Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company's stock worth $41,000 after buying an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Forum Energy Technologies during the 4th quarter worth about $75,000. Finally, Osaic Holdings Inc. acquired a new position in shares of Forum Energy Technologies during the 2nd quarter valued at about $78,000. Institutional investors own 65.60% of the company's stock.

Forum Energy Technologies Trading Up 1.7%

Forum Energy Technologies stock opened at $50.50 on Tuesday. The business has a 50 day moving average price of $52.46 and a two-hundred day moving average price of $52.02. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The stock has a market cap of $570.67 million, a price-to-earnings ratio of -85.60, a price-to-earnings-growth ratio of 2.87 and a beta of 0.54. Forum Energy Technologies, Inc. has a 12 month low of $18.12 and a 12 month high of $65.43.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The company had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. As a group, equities analysts forecast that Forum Energy Technologies, Inc. will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the sale, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. The trade was a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 7.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FET. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. Zacks Research lowered shares of Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Finally, Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 5th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Forum Energy Technologies currently has a consensus rating of "Reduce".

Forum Energy Technologies Company 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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