StockNews.com upgraded shares of Forum Energy Technologies (NYSE:FET – Free Report) from a hold rating to a buy rating in a research note released on Friday morning.
Separately, TheStreet cut shares of Forum Energy Technologies from a c rating to a d rating in a research report on Thursday, February 29th.
Check Out Our Latest Report on FET
Forum Energy Technologies Stock Up 0.4 %
Forum Energy Technologies (NYSE:FET – Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The oil and gas company reported ($0.39) earnings per share for the quarter. The company had revenue of $185.20 million during the quarter. Forum Energy Technologies had a negative net margin of 2.56% and a negative return on equity of 0.38%. On average, equities analysts predict that Forum Energy Technologies will post 0.13 EPS for the current fiscal year.
Insider Transactions at Forum Energy Technologies
In related news, EVP John C. Ivascu sold 2,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $19.25, for a total value of $38,500.00. Following the transaction, the executive vice president now owns 51,543 shares of the company’s stock, valued at approximately $992,202.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 5.80% of the company’s stock.
Institutional Investors Weigh In On Forum Energy Technologies
Several institutional investors and hedge funds have recently added to or reduced their stakes in FET. BlackRock Inc. increased its stake in shares of Forum Energy Technologies by 567.8% during the 2nd quarter. BlackRock Inc. now owns 585,300 shares of the oil and gas company’s stock worth $14,978,000 after purchasing an additional 497,650 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Forum Energy Technologies by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 534,632 shares of the oil and gas company’s stock worth $11,853,000 after purchasing an additional 3,225 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Forum Energy Technologies by 9.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 388,460 shares of the oil and gas company’s stock worth $8,612,000 after buying an additional 35,110 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in Forum Energy Technologies by 13.9% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 364,729 shares of the oil and gas company’s stock worth $8,086,000 after buying an additional 44,389 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Forum Energy Technologies by 2.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 253,092 shares of the oil and gas company’s stock worth $5,611,000 after buying an additional 6,355 shares during the period. Hedge funds and other institutional investors own 65.60% of the company’s stock.
About Forum Energy Technologies
Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.
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