Renaissance Technologies LLC Grows Holdings in Forum Energy Technologies, Inc. $FET

Renaissance Technologies LLC boosted its position in Forum Energy Technologies, Inc. (NYSE:FET) by 23.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,475 shares of the oil and gas company’s stock after buying an additional 26,875 shares during the quarter. Renaissance Technologies LLC owned 1.24% of Forum Energy Technologies worth $8,240,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FET. Meeder Asset Management Inc. purchased a new stake in shares of Forum Energy Technologies during the fourth quarter worth about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Forum Energy Technologies in the fourth quarter valued at about $37,000. Tower Research Capital LLC TRC boosted its holdings in Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Forum Energy Technologies during the 4th quarter valued at approximately $75,000. Finally, Osaic Holdings Inc. acquired a new stake in Forum Energy Technologies during the 2nd quarter valued at approximately $78,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the transaction, the senior vice president owned 54,139 shares in the company, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Forum Energy Technologies has an average rating of “Reduce”.

Forum Energy Technologies Stock Performance

Shares of FET stock opened at $70.58 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. Forum Energy Technologies, Inc. has a one year low of $18.12 and a one year high of $71.73. The company’s 50-day simple moving average is $52.24 and its 200-day simple moving average is $53.88. The stock has a market capitalization of $797.88 million, a price-to-earnings ratio of -470.53, a PEG ratio of 3.63 and a beta of 0.54.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.60. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%.The business had revenue of $226.22 million during the quarter, compared to the consensus estimate of $212.35 million. Equities analysts anticipate that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

About Forum Energy Technologies

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.