Mackay Shields LLC Decreases Stock Position in Forum Energy Technologies, Inc. $FET

Key Points

• Mackay Shields LLC has decreased its stake in Forum Energy Technologies by 7.6%, selling 66,217 shares during the second quarter, leaving it with 809,235 shares valued at approximately $15.76 million.
• Other hedge funds have increased their positions in Forum Energy Technologies, with some growing their holdings significantly, reflecting a general interest in the stock among institutional investors.
• Forum Energy Technologies reported a loss per share of ($0.10) in its latest earnings, missing analysts' expectations, and received downgrades from brokerages like Zacks Research and Weiss Ratings.

Mackay Shields LLC reduced its position in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 7.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 809,235 shares of the oil and gas company's stock after selling 66,217 shares during the quarter. Mackay Shields LLC owned approximately 6.54% of Forum Energy Technologies worth $15,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in FET. Headlands Technologies LLC grew its position in shares of Forum Energy Technologies by 196.6% in the first quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 820 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Forum Energy Technologies by 1,911.1% in the first quarter. GAMMA Investing LLC now owns 2,172 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 2,064 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Forum Energy Technologies in the first quarter valued at $206,000. Empowered Funds LLC grew its position in shares of Forum Energy Technologies by 8.8% in the first quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company's stock valued at $280,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Forum Energy Technologies by 53.6% in the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company's stock valued at $402,000 after purchasing an additional 6,971 shares in the last quarter. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Forum Energy Technologies Price Performance

Forum Energy Technologies stock opened at $25.33 on Friday. Forum Energy Technologies, Inc. has a 52 week low of $12.78 and a 52 week high of $28.78. The business has a 50-day simple moving average of $25.11 and a 200 day simple moving average of $19.96. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The stock has a market cap of $301.42 million, a price-to-earnings ratio of -2.85, a PEG ratio of 6.49 and a beta of 0.89.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FET. Zacks Research cut Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Wednesday. Two research analysts have rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of "Sell".

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.

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