Forum Energy Technologies, Inc. $FET Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management raised its stake in Forum Energy Technologies, Inc. (NYSE:FET) by 67.8% during the 1st quarter, HoldingsChannel reports. The firm owned 54,295 shares of the oil and gas company’s stock after acquiring an additional 21,940 shares during the period. Ritholtz Wealth Management’s holdings in Forum Energy Technologies were worth $3,185,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of FET. Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies during the fourth quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Forum Energy Technologies in the 4th quarter valued at $37,000. Tower Research Capital LLC TRC increased its stake in Forum Energy Technologies by 558.7% in 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 during the period. Kemnay Advisory Services Inc. purchased a new position in Forum Energy Technologies during the 4th quarter worth $75,000. Finally, Osaic Holdings Inc. purchased a new position in Forum Energy Technologies during the 2nd quarter worth $78,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Trading Up 1.6%

Shares of FET stock opened at $50.33 on Friday. The business’s fifty day moving average price is $55.04 and its 200 day moving average price is $50.87. The firm has a market capitalization of $568.75 million, a PE ratio of -85.31, a P/E/G ratio of 2.87 and a beta of 0.53. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. Forum Energy Technologies, Inc. has a 1-year low of $18.12 and a 1-year high of $65.43.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $208.70 million during the quarter, compared to the consensus estimate of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. As a group, sell-side analysts forecast that Forum Energy Technologies, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were 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 $3,004,173.11. This trade represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FET has been the topic of several analyst reports. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce”.

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.