Concurrent Investment Advisors LLC Takes $1.81 Million Position in Forum Energy Technologies, Inc. $FET

Concurrent Investment Advisors LLC acquired a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 36,048 shares of the oil and gas company’s stock, valued at approximately $1,811,000.

A number of other large investors also recently bought and sold shares of FET. Arrowstreet Capital Limited Partnership increased its holdings in shares of Forum Energy Technologies by 66.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock valued at $8,940,000 after acquiring an additional 60,711 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Forum Energy Technologies during the 2nd quarter worth $1,444,000. JB Capital Partners LP bought a new stake in Forum Energy Technologies during the second quarter valued at about $6,067,784. Walleye Capital LLC bought a new stake in Forum Energy Technologies during the first quarter valued at about $1,632,000. Finally, Independent Financial Group LLC purchased a new position in Forum Energy Technologies in the first quarter valued at about $1,746,000. Institutional investors own 65.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on FET. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Finally, Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Up 1.0%

Forum Energy Technologies stock opened at $80.64 on Thursday. Forum Energy Technologies, Inc. has a 1-year low of $25.07 and a 1-year high of $87.42. The business has a fifty day moving average price of $67.57 and a 200-day moving average price of $60.32. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The stock has a market capitalization of $907.26 million, a price-to-earnings ratio of -537.60, a PEG ratio of 2.49 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Equities research analysts forecast that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

Insider Activity

In other Forum Energy Technologies news, SVP Michael Danford sold 1,500 shares of the business’s stock in a transaction that occurred 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 sale, the senior vice president owned 52,639 shares of the company’s stock, valued at approximately $4,153,743.49. The trade was a 2.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John C. Ivascu sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total transaction of $353,150.00. Following the transaction, the executive vice president owned 85,512 shares in the company, valued at $6,039,712.56. The trade was a 5.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 11,500 shares of company stock worth $877,615. Corporate insiders own 7.70% of the company’s stock.

Forum Energy Technologies Company Profile

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.