JB Capital Partners LP Makes New $6.07 Million Investment in Forum Energy Technologies, Inc. $FET

JB Capital Partners LP bought a new stake in Forum Energy Technologies, Inc. (NYSE:FET) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 120,800 shares of the oil and gas company’s stock, valued at approximately $6,067,784. Forum Energy Technologies comprises approximately 0.0% of JB Capital Partners LP’s holdings, making the stock its 19th largest holding. JB Capital Partners LP owned 1.07% of Forum Energy Technologies at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FET. Russell Investments Group Ltd. grew its holdings in Forum Energy Technologies by 7.0% in the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock worth $349,000 after buying an additional 618 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Forum Energy Technologies by 5.8% during the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock worth $385,000 after purchasing an additional 793 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Forum Energy Technologies in the fourth quarter valued at about $35,000. Raymond James Financial Inc. raised its holdings in Forum Energy Technologies by 10.1% in the 3rd quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after buying an additional 971 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Forum Energy Technologies in the 4th quarter valued at about $37,000. 65.60% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP John C. Ivascu sold 5,000 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the sale, the executive vice president owned 85,512 shares in the company, valued at $6,039,712.56. This represents a 5.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Dewayne Danford sold 1,500 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the sale, the senior vice president directly owned 52,639 shares of the company’s stock, valued at $4,153,743.49. This represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 11,500 shares of company stock worth $877,615. Insiders own 7.70% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

Shares of NYSE:FET traded up $1.75 during trading on Friday, reaching $81.53. 82,733 shares of the stock were exchanged, compared to its average volume of 199,301. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49. The firm has a market cap of $916.89 million, a PE ratio of -543.50, a PEG ratio of 2.36 and a beta of 0.53. Forum Energy Technologies, Inc. has a 12 month low of $25.07 and a 12 month high of $87.42. The stock has a 50-day moving average price of $61.99 and a 200-day moving average price of $58.35.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.60. The business had revenue of $226.22 million for the quarter, compared to analysts’ expectations of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. Research analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

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.