American International Group Inc. boosted its stake in shares of Forum Energy Technologies Inc (NYSE:FET) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,313 shares of the oil and gas company’s stock after purchasing an additional 8,040 shares during the quarter. American International Group Inc.’s holdings in Forum Energy Technologies were worth $845,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in FET. State Street Corp boosted its position in Forum Energy Technologies by 10.8% during the second quarter. State Street Corp now owns 1,770,754 shares of the oil and gas company’s stock worth $27,626,000 after purchasing an additional 172,953 shares during the period. The Manufacturers Life Insurance Company boosted its position in Forum Energy Technologies by 18.0% during the second quarter. The Manufacturers Life Insurance Company now owns 55,346 shares of the oil and gas company’s stock worth $863,000 after purchasing an additional 8,454 shares during the period. California State Teachers Retirement System boosted its position in Forum Energy Technologies by 3.4% during the second quarter. California State Teachers Retirement System now owns 122,266 shares of the oil and gas company’s stock worth $1,907,000 after purchasing an additional 4,034 shares during the period. Gamco Investors INC. ET AL bought a new position in Forum Energy Technologies during the third quarter worth $485,000. Finally, Boston Partners bought a new position in Forum Energy Technologies during the third quarter worth $14,297,000. 94.59% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Prady Iyyanki acquired 90,000 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The stock was acquired at an average price of $10.63 per share, with a total value of $956,700.00. Following the completion of the transaction, the chief executive officer now directly owns 443,417 shares of the company’s stock, valued at approximately $4,713,522.71. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 32.80% of the company’s stock.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.01). Forum Energy Technologies had a negative return on equity of 2.98% and a negative net margin of 6.99%. The firm had revenue of $247.70 million for the quarter, compared to the consensus estimate of $249.85 million. During the same period in the prior year, the company earned ($0.16) EPS. The company’s revenue for the quarter was up 68.4% compared to the same quarter last year. analysts expect that Forum Energy Technologies Inc will post 0.02 EPS for the current fiscal year.
A number of equities analysts have commented on the stock. Zacks Investment Research cut shares of Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Cowen set a $13.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a research report on Thursday, January 11th. Jefferies Group set a $17.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a research report on Thursday, January 4th. Capital One Financial raised shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a research report on Friday, February 9th. Finally, B. Riley set a $13.00 target price on shares of Forum Energy Technologies and gave the company a “neutral” rating in a research report on Monday, February 12th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $16.40.
About Forum Energy Technologies
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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