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

Allspring Global Investments Holdings LLC reduced its holdings in Forum Energy Technologies, Inc. (NYSE:FET) by 18.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 240,292 shares of the oil and gas company’s stock after selling 54,908 shares during the period. Allspring Global Investments Holdings LLC owned about 2.12% of Forum Energy Technologies worth $13,971,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Independent Financial Group LLC acquired a new stake in Forum Energy Technologies in the 1st quarter valued at $1,746,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Forum Energy Technologies in the first quarter valued at about $7,682,000. Principal Financial Group Inc. purchased a new stake in shares of Forum Energy Technologies during the first quarter worth about $912,000. Moran Wealth Management LLC purchased a new stake in shares of Forum Energy Technologies during the first quarter worth about $372,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Forum Energy Technologies during the 1st quarter worth about $513,000. 65.60% of the stock is owned by institutional investors and hedge funds.

Forum Energy Technologies Stock Up 8.2%

Shares of FET opened at $57.17 on Wednesday. Forum Energy Technologies, Inc. has a 52-week low of $18.12 and a 52-week high of $65.43. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The stock has a fifty day simple moving average of $52.13 and a two-hundred day simple moving average of $52.71. The company has a market capitalization of $646.07 million, a PE ratio of -96.90, a price-to-earnings-growth ratio of 3.06 and a beta of 0.54.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. The firm 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, equities analysts forecast that Forum Energy Technologies, Inc. will post 2.16 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FET shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday. Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 5th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Insider Buying and Selling at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.