JB Capital Partners LP Takes Position in Forum Energy Technologies, Inc. $FET

Key Points

• JB Capital Partners LP acquired 120,800 shares of Forum Energy Technologies, representing approximately 1.07% of the company and 0.9% of the firm’s portfolio.
• Institutional investors own 65.6% of FET, with BlackRock, AQR Capital Management and JPMorgan among firms recently increasing or initiating positions.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating; FET also reported quarterly EPS of $1.16, well above the $0.56 estimate, while insiders sold 11,500 shares over the past three months.

JB Capital Partners LP acquired 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 Form 13F filing with the SEC. The firm acquired 120,800 shares of the oil and gas company's stock, valued at approximately $6,067,784,000. Forum Energy Technologies makes up 0.9% of JB Capital Partners LP's portfolio, making the stock its 19th biggest position. JB Capital Partners LP owned approximately 1.07% of Forum Energy Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FET. BlackRock Inc. bought a new position in Forum Energy Technologies in the second quarter valued at about $47,765,000. IES Holdings Inc. bought a new stake in shares of Forum Energy Technologies during the fourth quarter worth about $20,107,000. AQR Capital Management LLC grew its holdings in shares of Forum Energy Technologies by 1,327.5% during the fourth quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company's stock worth $5,402,000 after purchasing an additional 135,961 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of Forum Energy Technologies in the first quarter valued at approximately $7,682,000. Finally, JPMorgan Chase & Co. raised its holdings in Forum Energy Technologies by 204.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company's stock valued at $3,146,000 after buying an additional 108,490 shares during the last quarter. Institutional investors own 65.60% of the company's stock.

Wall Street Analyst Weigh In

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

Forum Energy Technologies Stock Down 1.0%

NYSE FET opened at $77.82 on Friday. Forum Energy Technologies, Inc. has a 1 year low of $23.61 and a 1 year high of $87.42. The stock has a market capitalization of $875.16 million, a PE ratio of -518.77, a PEG ratio of 2.49 and a beta of 0.53. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The business's 50-day moving average is $59.89 and its 200 day moving average is $57.41.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.60. The company had revenue of $226.22 million during the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. Sell-side analysts forecast that Forum Energy Technologies, Inc. will post 3.95 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Michael Dewayne Danford sold 1,500 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the sale, the senior vice president directly owned 52,639 shares of the company's stock, valued at approximately $4,153,743.49. This represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John C. Ivascu sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total transaction of $406,100.00. Following the completion of the transaction, the executive vice president owned 80,512 shares of the company's stock, valued at approximately $6,539,184.64. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 11,500 shares of company stock worth $877,615. Insiders own 7.70% of the company's stock.

About Forum Energy Technologies

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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