Hsbc Holdings PLC Decreases Stake in Forum Energy Technologies, Inc. $FET

Hsbc Holdings PLC reduced its position in Forum Energy Technologies, Inc. (NYSE:FET) by 51.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,594 shares of the oil and gas company’s stock after selling 13,216 shares during the period. Hsbc Holdings PLC owned 0.11% of Forum Energy Technologies worth $749,000 as of its most recent SEC filing.

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

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the sale, 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 SEC, which can be accessed through this link. Company insiders own 7.70% of the company’s stock.

Analysts Set New Price Targets

FET has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Finally, Wall Street Zen lowered Forum Energy Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Forum Energy Technologies presently has a consensus rating of “Reduce”.

Forum Energy Technologies Trading Down 3.1%

Shares of FET stock opened at $50.83 on Thursday. The company has a market capitalization of $574.32 million, a PE ratio of -86.14, a price-to-earnings-growth ratio of 3.04 and a beta of 0.54. Forum Energy Technologies, Inc. has a 52-week low of $18.12 and a 52-week high of $65.43. The business’s fifty day moving average is $51.99 and its 200 day moving average is $53.43. 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 (NYSE:FET) last posted its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. The business had revenue of $208.70 million during the quarter, compared to analysts’ expectations of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. On average, equities research analysts anticipate that Forum Energy Technologies, Inc. will post 2.16 EPS for the current fiscal year.

Forum Energy Technologies 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.