Empowered Funds LLC Acquires New Position in Forum Energy Technologies, Inc. $FET

Empowered Funds LLC acquired a new stake in shares of Forum Energy Technologies, Inc. (NYSE:FET) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 84,244 shares of the oil and gas company’s stock, valued at approximately $4,232,000.

Other institutional investors have also added to or reduced their stakes in the company. Jane Street Group LLC lifted its stake in Forum Energy Technologies by 53.6% during the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock worth $402,000 after purchasing an additional 6,971 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Forum Energy Technologies by 204.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after purchasing an additional 108,490 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Forum Energy Technologies by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company’s stock valued at $403,000 after purchasing an additional 1,781 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Forum Energy Technologies in the 2nd quarter valued at $188,000. Finally, Keyframe Capital Partners L.P. raised its holdings in shares of Forum Energy Technologies by 8.5% during the 2nd quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after buying an additional 66,322 shares in the last quarter. 65.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 1,500 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares in the company, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $81.22, for a total value of $406,100.00. Following the completion of the transaction, the executive vice president owned 80,512 shares of the company’s stock, valued at $6,539,184.64. This represents a 5.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,500 shares of company stock worth $877,615 in the last 90 days. 7.70% of the stock is currently owned by corporate insiders.

Forum Energy Technologies Stock Performance

Shares of Forum Energy Technologies stock opened at $81.70 on Tuesday. The company’s 50 day moving average price is $63.18 and its two-hundred day moving average price is $58.82. The firm has a market capitalization of $919.12 million, a P/E ratio of -544.63, a P/E/G ratio of 2.51 and a beta of 0.53. Forum Energy Technologies, Inc. has a fifty-two week low of $25.07 and a fifty-two week high of $87.42. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The company had revenue of $226.22 million during the quarter, compared to the consensus estimate of $212.35 million. On average, equities analysts forecast that Forum Energy Technologies, Inc. will post 4.01 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.