Man Group plc Makes New $313,000 Investment in Forum Energy Technologies, Inc. $FET

Man Group plc bought 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 SEC. The fund bought 6,237 shares of the oil and gas company’s stock, valued at approximately $313,000.

A number of other hedge funds also recently modified their holdings of the business. Hsbc Holdings PLC acquired a new stake in shares of Forum Energy Technologies in the second quarter worth $566,000. Canada Pension Plan Investment Board acquired a new position in Forum Energy Technologies during the second quarter valued at $311,000. Legal & General Group Plc purchased a new stake in Forum Energy Technologies in the 2nd quarter worth about $96,000. Algert Global LLC lifted its stake in Forum Energy Technologies by 28.4% in the 2nd quarter. Algert Global LLC now owns 109,695 shares of the oil and gas company’s stock worth $5,510,000 after acquiring an additional 24,266 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Forum Energy Technologies during the 2nd quarter worth about $3,699,000. Hedge funds and other institutional investors own 65.60% of the company’s stock.

Insider Buying and Selling

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 value of $118,365.00. Following the completion of the sale, the senior vice president directly owned 52,639 shares of the company’s stock, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Ivascu sold 5,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total transaction of $406,100.00. Following the transaction, the executive vice president owned 80,512 shares in the company, valued at approximately $6,539,184.64. This trade represents a 5.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,500 shares of company stock valued at $877,615 over the last quarter. Corporate insiders own 7.70% of the company’s stock.

Wall Street Analyst Weigh In

FET has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 2nd. Finally, Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Forum Energy Technologies has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Down 1.6%

FET opened at $80.55 on Friday. The company has a market capitalization of $906.19 million, a PE ratio of -536.96, a price-to-earnings-growth ratio of 2.55 and a beta of 0.59. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. Forum Energy Technologies, Inc. has a fifty-two week low of $25.07 and a fifty-two week high of $87.42. The business has a 50-day moving average of $65.74 and a 200-day moving average of $59.65.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 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 business had revenue of $226.22 million during the quarter, compared to analysts’ expectations of $212.35 million. Equities research analysts forecast that Forum Energy Technologies, Inc. will post 4.01 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.