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GSA Capital Partners LLP Purchases 104,589 Shares of Forum Energy Technologies Inc (NYSE:FET)

By September 2, 2019 No Comments

GSA Capital Partners LLP raised its position in Forum Energy Technologies Inc (NYSE:FET) by 453.9% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 127,631 shares of the oil and gas company’s stock after buying an additional 104,589 shares during the period. GSA Capital Partners LLP owned about 0.12% of Forum Energy Technologies worth $436,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Forum Energy Technologies by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,844,794 shares of the oil and gas company’s stock worth $24,140,000 after purchasing an additional 109,301 shares during the period. Norges Bank acquired a new position in shares of Forum Energy Technologies during the fourth quarter worth about $171,000. BNP Paribas Arbitrage SA grew its position in shares of Forum Energy Technologies by 229.4% during the first quarter. BNP Paribas Arbitrage SA now owns 18,711 shares of the oil and gas company’s stock worth $96,000 after buying an additional 13,031 shares in the last quarter. Bank of Montreal Can grew its position in shares of Forum Energy Technologies by 18.2% during the first quarter. Bank of Montreal Can now owns 56,365 shares of the oil and gas company’s stock worth $288,000 after buying an additional 8,689 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Forum Energy Technologies by 17.7% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,023 shares of the oil and gas company’s stock worth $143,000 after buying an additional 4,213 shares in the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Shares of FET opened at $1.41 on Monday. The stock has a 50 day moving average price of $2.04 and a 200 day moving average price of $4.24. The company has a quick ratio of 1.15, a current ratio of 3.25 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $169.98 million, a price-to-earnings ratio of 70.50 and a beta of 2.31. Forum Energy Technologies Inc has a 52-week low of $1.37 and a 52-week high of $12.35.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). The business had revenue of $245.60 million during the quarter, compared to analyst estimates of $254.91 million. Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.20%. The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share. On average, equities analysts anticipate that Forum Energy Technologies Inc will post -0.22 EPS for the current fiscal year.

FET has been the subject of a number of analyst reports. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. B. Riley set a $4.00 price objective on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Friday, July 12th. Zacks Investment Research downgraded Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, July 26th. Bank of America reissued a “neutral” rating and set a $3.50 price objective (down from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. Finally, Gabelli downgraded Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $7.31.

Forum Energy Technologies Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.

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Institutional Ownership by Quarter for Forum Energy Technologies (NYSE:FET)

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