Mitsubishi UFJ Asset Management Co. Ltd. Makes New $1.44 Million Investment in Forum Energy Technologies, Inc. $FET

Key Points

• Mitsubishi UFJ Asset Management acquired 28,757 shares of Forum Energy Technologies worth approximately $1.44 million, giving it a 0.26% stake. Institutional investors and hedge funds collectively own 65.6% of FET.
• Analyst sentiment is mixed but leans positive: Wall Street Zen and Zacks Research upgraded FET to “strong buy,” while Weiss Ratings maintained a “sell” rating; MarketBeat lists a consensus rating of “Moderate Buy.”
• Forum Energy Technologies reported quarterly EPS of $1.16, beating estimates of $0.56, while revenue of $226.22 million exceeded the $212.35 million consensus forecast. Executives sold 11,500 shares over the past 90 days, valued at about $877,615.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 28,757 shares of the oil and gas company's stock, valued at approximately $1,444,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.26% of Forum Energy Technologies at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership boosted its stake in shares of Forum Energy Technologies by 66.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company's stock worth $8,940,000 after acquiring an additional 60,711 shares during the last quarter. Independent Financial Group LLC acquired a new stake in Forum Energy Technologies during the first quarter worth about $1,746,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Forum Energy Technologies during the 1st quarter valued at approximately $7,682,000. Walleye Capital LLC acquired a new position in Forum Energy Technologies in the first quarter valued at approximately $1,632,000. Finally, Pacer Advisors Inc. acquired a new position in Forum Energy Technologies in the first quarter valued at approximately $2,726,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Buying and Selling at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 1,500 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares of the company's stock, valued at approximately $4,153,743.49. This represents a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John C. Ivascu sold 5,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the transaction, the executive vice president owned 85,512 shares of the company's stock, valued at $6,039,712.56. This trade represents a 5.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,500 shares of company stock valued at $877,615. Company insiders own 7.70% of the company's stock.

Forum Energy Technologies Stock Performance

Shares of FET stock opened at $77.82 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 2.19. The firm has a market cap of $875.16 million, a P/E ratio of -518.77, a P/E/G ratio of 2.49 and a beta of 0.53. The firm's 50 day moving average price is $59.89 and its 200-day moving average price is $57.41. Forum Energy Technologies, Inc. has a one year low of $23.61 and a one year high of $87.42.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 research analysts predict that Forum Energy Technologies, Inc. will post 3.95 EPS for the current year.

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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