Independent Financial Group LLC Takes Position in Forum Energy Technologies, Inc. $FET

Independent Financial Group LLC purchased a new position in shares of Forum Energy Technologies, Inc. (NYSE:FET) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 29,758 shares of the oil and gas company’s stock, valued at approximately $1,746,000. Independent Financial Group LLC owned 0.26% of Forum Energy Technologies at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FET. Meeder Asset Management Inc. purchased a new position in Forum Energy Technologies in the 4th quarter valued at 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 fourth quarter worth about $37,000. Kemnay Advisory Services Inc. acquired a new position in shares of Forum Energy Technologies in the fourth quarter worth about $75,000. Tower Research Capital LLC TRC lifted its stake in shares of Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after acquiring an additional 1,771 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Forum Energy Technologies in the first quarter valued at about $126,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Price Performance

Shares of NYSE FET opened at $52.04 on Monday. The company has a current ratio of 2.23, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $588.03 million, a price-to-earnings ratio of -88.20, a price-to-earnings-growth ratio of 3.03 and a beta of 0.54. Forum Energy Technologies, Inc. has a twelve month low of $18.12 and a twelve month high of $65.43. The business has a 50 day simple moving average of $52.16 and a 200-day simple moving average of $52.45.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $208.70 million for 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%. As a group, equities research analysts expect that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current year.

Insider Buying and Selling at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the firm’s 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 transaction, the senior vice president directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. 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, July 5th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

About Forum Energy Technologies

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.