Hillsdale Investment Management Inc. Takes Position in Forum Energy Technologies, Inc. $FET

Hillsdale Investment Management Inc. bought a new position in Forum Energy Technologies, Inc. (NYSE:FET) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 130,950 shares of the oil and gas company’s stock, valued at approximately $7,682,000.

Several other institutional investors have also bought and sold shares of FET. JPMorgan Chase & Co. raised its stake in Forum Energy Technologies by 62.3% during the third quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after acquiring an additional 100,720 shares in the last quarter. JB Capital Partners LP boosted its stake in shares of Forum Energy Technologies by 68.2% in the 3rd quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company’s stock valued at $3,227,000 after purchasing an additional 49,000 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Forum Energy Technologies in the 4th quarter valued at $1,196,000. Janney Montgomery Scott LLC bought a new stake in shares of Forum Energy Technologies in the 1st quarter worth about $877,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Forum Energy Technologies during the 1st quarter worth about $513,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

Insider Transactions at Forum Energy Technologies

In other Forum Energy Technologies 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 transaction of $166,470.00. Following the sale, the senior vice president owned 54,139 shares of the company’s stock, valued at $3,004,173.11. This 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 this hyperlink. 7.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on FET shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 5th. Finally, Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Forum Energy Technologies currently has an average rating of “Reduce”.

Forum Energy Technologies Price Performance

Forum Energy Technologies stock opened at $50.50 on Tuesday. The business’s fifty day moving average is $52.46 and its two-hundred day moving average is $52.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23. The firm has a market cap of $570.67 million, a P/E ratio of -85.60, a P/E/G ratio of 2.87 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.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The company had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. Equities research analysts forecast that Forum Energy Technologies, Inc. will post 2.16 earnings per share 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.