PenderFund Capital Management Ltd. Buys 178,557 Shares of 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. grew its stake in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 89.7% in the first quarter, according to the company in its most recent Form 13F filing 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 period. Forum Energy Technologies accounts for about 0.0% of PenderFund Capital Management Ltd.'s investment portfolio, making the stock its 26th biggest position. PenderFund Capital Management Ltd. owned approximately 3.05% of Forum Energy Technologies worth $7,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of 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 during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Forum Energy Technologies by 3.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 278,331 shares of the oil and gas company's stock worth $5,770,000 after buying an additional 10,066 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Forum Energy Technologies by 92.6% during the first quarter. American Century Companies Inc. now owns 138,560 shares of the oil and gas company's stock worth $2,786,000 after buying an additional 66,620 shares during the last quarter. Northern Trust Corp raised its stake in shares of Forum Energy Technologies by 5.8% during the fourth quarter. Northern Trust Corp now owns 105,301 shares of the oil and gas company's stock worth $1,631,000 after buying an additional 5,807 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Forum Energy Technologies by 57.3% during the fourth quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company's stock worth $1,605,000 after buying an additional 37,744 shares during the last quarter. 65.60% of the stock is owned by institutional investors.

Forum Energy Technologies Stock Down 2.2%

Shares of NYSE:FET opened at $26.02 on Friday. Forum Energy Technologies, Inc. has a 52 week low of $12.78 and a 52 week high of $26.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.41. The company has a market capitalization of $309.75 million, a PE ratio of -2.93, a PEG ratio of 5.69 and a beta of 0.89. The company has a 50 day moving average price of $21.65 and a two-hundred day moving average price of $18.58.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued 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 net margin of 13.65% and a negative return on equity of 2.51%. The firm had revenue of $199.80 million during the quarter, compared to the consensus estimate of $190.50 million.

Analyst Ratings Changes

Separately, Zacks Research downgraded shares of Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 13th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Forum Energy Technologies currently has a consensus 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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