Forum Energy Technologies, Inc. $FET Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in Forum Energy Technologies, Inc. (NYSE:FET) by 18.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 240,292 shares of the oil and gas company’s stock after selling 54,908 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Forum Energy Technologies were worth $13,971,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in Forum Energy Technologies in the fourth quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies during the fourth quarter worth approximately $37,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Forum Energy Technologies during the 4th quarter worth approximately $75,000. Tower Research Capital LLC TRC lifted its position in shares of Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after buying an additional 1,771 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Forum Energy Technologies in the 1st quarter valued at $126,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Price Performance

Forum Energy Technologies stock opened at $57.17 on Wednesday. The company has a market cap of $646.07 million, a P/E ratio of -96.90, a price-to-earnings-growth ratio of 3.06 and a beta of 0.54. Forum Energy Technologies, Inc. has a one year low of $18.12 and a one year high of $65.43. The business has a fifty day moving average of $52.13 and a two-hundred day moving average of $52.71. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The company had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. As a group, analysts predict that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday. Finally, Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 5th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Insider Transactions at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the transaction, the senior vice president owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 7.70% of the company’s stock.

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.