Forum Energy Technologies, Inc. (NYSE:FET) Shares Sold by Employees Retirement System of Texas

Employees Retirement System of Texas cut its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET) by 93.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 441,787 shares of the oil and gas company’s stock after selling 6,585,505 shares during the period. Employees Retirement System of Texas owned approximately 3.60% of Forum Energy Technologies worth $6,843,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Forum Energy Technologies by 445.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company’s stock worth $747,000 after acquiring an additional 39,364 shares during the period. Diametric Capital LP bought a new position in Forum Energy Technologies during the 4th quarter valued at $350,000. American Century Companies Inc. increased its position in shares of Forum Energy Technologies by 41.0% during the 4th quarter. American Century Companies Inc. now owns 71,940 shares of the oil and gas company’s stock valued at $1,114,000 after purchasing an additional 20,925 shares during the period. Trexquant Investment LP bought a new stake in shares of Forum Energy Technologies in the 4th quarter worth $315,000. Finally, Barclays PLC lifted its holdings in shares of Forum Energy Technologies by 86.0% in the third quarter. Barclays PLC now owns 27,714 shares of the oil and gas company’s stock valued at $428,000 after buying an additional 12,810 shares during the period. 65.60% of the stock is owned by institutional investors.

Forum Energy Technologies Stock Performance

Shares of NYSE FET opened at $15.39 on Monday. The stock’s fifty day simple moving average is $18.66 and its 200 day simple moving average is $16.74. The stock has a market capitalization of $190.37 million, a price-to-earnings ratio of -1.40 and a beta of 1.74. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. Forum Energy Technologies, Inc. has a 52-week low of $12.83 and a 52-week high of $21.57.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.58). The company had revenue of $201.00 million during the quarter, compared to analysts’ expectations of $201.85 million. Forum Energy Technologies had a negative return on equity of 2.39% and a negative net margin of 16.57%.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Thursday, March 6th.

Insider Activity

In related news, CEO Neal Lux purchased 9,129 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $17.65 per share, with a total value of $161,126.85. Following the completion of the purchase, the chief executive officer now owns 212,250 shares of the company’s stock, valued at $3,746,212.50. The trade was a 4.49 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.20% of the stock is owned by company insiders.

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.