Icon Wealth Advisors LLC Sells 33,384 Shares of Forum Energy Technologies, Inc. $FET

Icon Wealth Advisors LLC reduced its holdings in Forum Energy Technologies, Inc. (NYSE:FET) by 36.4% in the fourth quarter, HoldingsChannel reports. The firm owned 58,374 shares of the oil and gas company’s stock after selling 33,384 shares during the period. Icon Wealth Advisors LLC’s holdings in Forum Energy Technologies were worth $2,157,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. increased its holdings in shares of Forum Energy Technologies by 60.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 148,563 shares of the oil and gas company’s stock valued at $5,489,000 after acquiring an additional 55,949 shares in the last quarter. State Street Corp increased its holdings in shares of Forum Energy Technologies by 5.3% during the fourth quarter. State Street Corp now owns 243,682 shares of the oil and gas company’s stock valued at $9,004,000 after acquiring an additional 12,257 shares in the last quarter. Ieq Capital LLC bought a new stake in shares of Forum Energy Technologies during the fourth quarter valued at approximately $260,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Forum Energy Technologies during the fourth quarter valued at approximately $37,000. Finally, De Lisle Partners LLP increased its holdings in shares of Forum Energy Technologies by 2.4% during the fourth quarter. De Lisle Partners LLP now owns 216,389 shares of the oil and gas company’s stock valued at $8,001,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Trading Up 1.2%

Shares of Forum Energy Technologies stock opened at $53.01 on Friday. The stock has a fifty day simple moving average of $56.85 and a 200 day simple moving average of $49.59. Forum Energy Technologies, Inc. has a 12-month low of $18.12 and a 12-month high of $65.43. The company has a market capitalization of $599.00 million, a P/E ratio of -89.84, a price-to-earnings-growth ratio of 3.06 and a beta of 0.53. The company has a current ratio of 2.23, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $208.70 million for the quarter, compared to analysts’ expectations of $201.30 million. On average, sell-side analysts anticipate that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the transaction, the senior vice president owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. The trade was a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FET. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Finally, Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently 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.