Forum Energy Technologies Inc (FET) Position Cut by California State Teachers Retirement System

California State Teachers Retirement System decreased its holdings in Forum Energy Technologies Inc (NYSE:FET) by 10.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,055 shares of the oil and gas company’s stock after selling 12,211 shares during the period. California State Teachers Retirement System owned approximately 0.10% of Forum Energy Technologies worth $1,750,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Forum Energy Technologies by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 5,678,046 shares of the oil and gas company’s stock valued at $88,577,000 after acquiring an additional 208,851 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Forum Energy Technologies by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,433,239 shares of the oil and gas company’s stock worth $84,758,000 after purchasing an additional 455,066 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Forum Energy Technologies by 96.4% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 3,541,025 shares of the oil and gas company’s stock worth $56,302,000 after purchasing an additional 1,738,375 shares during the period. Jennison Associates LLC boosted its position in shares of Forum Energy Technologies by 1.7% during the 3rd quarter. Jennison Associates LLC now owns 2,588,049 shares of the oil and gas company’s stock worth $41,150,000 after purchasing an additional 42,861 shares during the period. Finally, Cortina Asset Management LLC boosted its position in shares of Forum Energy Technologies by 6.9% during the 3rd quarter. Cortina Asset Management LLC now owns 1,943,276 shares of the oil and gas company’s stock worth $30,898,000 after purchasing an additional 125,339 shares during the period. Institutional investors own 96.25% of the company’s stock.

Forum Energy Technologies Inc (NYSE:FET) traded down $2.15 on Friday, reaching $11.75. 7,232,711 shares of the company traded hands, compared to its average volume of 771,327. The firm has a market capitalization of $1,270.14, a PE ratio of -18.08 and a beta of 1.70. The company has a quick ratio of 1.76, a current ratio of 3.74 and a debt-to-equity ratio of 0.34. Forum Energy Technologies Inc has a 1 year low of $10.05 and a 1 year high of $26.25.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.01). The company had revenue of $247.70 million during the quarter, compared to analyst estimates of $249.85 million. Forum Energy Technologies had a negative net margin of 6.99% and a negative return on equity of 3.11%. The company’s revenue was up 68.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.16) earnings per share. sell-side analysts predict that Forum Energy Technologies Inc will post 0.15 earnings per share for the current year.

A number of research firms recently weighed in on FET. Zacks Investment Research cut shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Jefferies Group set a $17.00 target price on shares of Forum Energy Technologies and gave the stock a “hold” rating in a report on Thursday, January 4th. Capital One Financial upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a report on Friday. Cowen set a $13.00 price objective on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 11th. Finally, Barclays reiterated a “hold” rating and set a $17.00 price target on shares of Forum Energy Technologies in a research note on Sunday, November 5th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $17.93.

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Forum Energy Technologies Profile

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.

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

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