PenderFund Capital Management Ltd. Raises Holdings in Forum Energy Technologies, Inc. $FET

Key Points

• PenderFund Capital Management Ltd. increased its stake in Forum Energy Technologies by 89.7% during the first quarter, acquiring an additional 178,557 shares.
• The stock, currently valued at around $7.6 million, represents approximately 3.05% of PenderFund's investment portfolio, making it their 26th largest position.
• Forum Energy Technologies recently reported a quarterly EPS of ($0.10), missing the consensus estimate, and has received a downgrade from Zacks Research from a "hold" to a "strong sell" rating.

PenderFund Capital Management Ltd. increased its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 89.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 377,679 shares of the oil and gas company's stock after acquiring an additional 178,557 shares during the quarter. Forum Energy Technologies comprises 0.0% of PenderFund Capital Management Ltd.'s investment portfolio, making the stock its 26th biggest position. PenderFund Capital Management Ltd. owned about 3.05% of Forum Energy Technologies worth $7,595,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in Forum Energy Technologies by 41.7% in the 4th quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company's stock valued at $130,000 after acquiring an additional 2,479 shares during the last quarter. Barclays PLC lifted its position in Forum Energy Technologies by 7.7% during the fourth quarter. Barclays PLC now owns 29,851 shares of the oil and gas company's stock worth $462,000 after buying an additional 2,137 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Forum Energy Technologies by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 507,263 shares of the oil and gas company's stock worth $7,857,000 after buying an additional 18,236 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Forum Energy Technologies by 126.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company's stock worth $37,000 after buying an additional 1,319 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Forum Energy Technologies by 5.8% in the 4th quarter. Northern Trust Corp now owns 105,301 shares of the oil and gas company's stock valued at $1,631,000 after buying an additional 5,807 shares in the last quarter. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Forum Energy Technologies Trading Up 0.4%

NYSE:FET traded up $0.12 on Thursday, reaching $27.44. 95,120 shares of the company's stock were exchanged, compared to its average volume of 79,722. The firm has a market capitalization of $326.54 million, a price-to-earnings ratio of -3.09, a price-to-earnings-growth ratio of 5.62 and a beta of 0.89. Forum Energy Technologies, Inc. has a 52-week low of $12.78 and a 52-week high of $27.52. 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 business has a fifty day moving average of $22.07 and a 200-day moving average of $18.75.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings data 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 net margin of 13.65% and a negative return on equity of 2.51%. The business had revenue of $199.80 million during the quarter, compared to analysts' expectations of $190.50 million.

Forum Energy Technologies Company 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.