Squarepoint Ops LLC Raises Position in Forum Energy Technologies, Inc. $FET

Key Points

• Squarepoint Ops increased its Forum Energy Technologies stake by 795.8% in the second quarter, bringing its holdings to 38,161 shares valued at approximately $1.9 million. Institutional investors collectively own 65.6% of the company.
• Other major funds also expanded their positions, including BlackRock, Dimensional Fund Advisors, De Lisle Partners, Arrowstreet Capital and Renaissance Technologies.
• Forum Energy Technologies exceeded quarterly earnings expectations, reporting $1.16 in adjusted EPS versus a $0.56 consensus estimate and revenue of $226.2 million. Analyst sentiment is mixed but averages to a “Moderate Buy” rating.

Squarepoint Ops LLC boosted its holdings in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 795.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,161 shares of the oil and gas company's stock after purchasing an additional 33,901 shares during the quarter. Squarepoint Ops LLC owned about 0.34% of Forum Energy Technologies worth $1,917,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Forum Energy Technologies during the 2nd quarter worth approximately $47,765,000. Dimensional Fund Advisors LP grew its position in shares of Forum Energy Technologies by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 626,938 shares of the oil and gas company's stock valued at $36,775,000 after buying an additional 33,802 shares during the last quarter. De Lisle Partners LLP purchased a new position in shares of Forum Energy Technologies in the 2nd quarter valued at $11,389,000. Arrowstreet Capital Limited Partnership raised its stake in Forum Energy Technologies by 66.2% during the 1st 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 in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Forum Energy Technologies by 23.7% during the 1st quarter. Renaissance Technologies LLC now owns 140,475 shares of the oil and gas company's stock worth $8,240,000 after acquiring an additional 26,875 shares in the last quarter. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Forum Energy Technologies Trading Down 2.9%

NYSE FET opened at $80.63 on Tuesday. The firm's fifty day moving average is $69.65 and its two-hundred day moving average is $60.79. Forum Energy Technologies, Inc. has a one year low of $25.07 and a one year high of $87.42. 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 $907.09 million, a PE ratio of -537.50, a P/E/G ratio of 2.59 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.60. The business 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%. Analysts expect that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current year.

Insider Buying and Selling

In other Forum Energy Technologies news, EVP John C. Ivascu sold 5,000 shares of the business's stock in a transaction on 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 directly owned 85,512 shares of the company's stock, valued at approximately $6,039,712.56. The trade was a 5.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares in the company, valued at $4,153,743.49. This represents a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 11,500 shares of company stock worth $877,615. Corporate insiders own 7.70% of the company's stock.

About Forum Energy Technologies

Forum Energy Technologies, Inc is a Houston-based oilfield services and equipment company that designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. Its offerings support drilling, well construction, completion, production and intervention activities, as well as subsea operations.

The company's product portfolio includes drilling and completion equipment, downhole tools, artificial-lift and production products, pressure-control equipment, subsea remotely operated vehicle systems, and equipment used for pipeline and infrastructure inspection.

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