Prudential Financial Inc. decreased its position in Forum Energy Technologies Inc. (NYSE:FET) by 5.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 588,945 shares of the company’s stock after selling 37,100 shares during the period. Prudential Financial Inc. owned 0.65% of Forum Energy Technologies worth $10,195,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the company. Palisade Capital Management LLC NJ boosted its stake in Forum Energy Technologies by 10.6% in the first quarter. Palisade Capital Management LLC NJ now owns 297,623 shares of the company’s stock worth $3,929,000 after buying an additional 28,488 shares in the last quarter. Hillman Co. boosted its stake in Forum Energy Technologies by 12.0% in the second quarter. Hillman Co. now owns 2,035,252 shares of the company’s stock worth $35,230,000 after buying an additional 218,821 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its stake in Forum Energy Technologies by 10.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 2,161,036 shares of the company’s stock worth $28,525,000 after buying an additional 210,384 shares in the last quarter. Wellington Management Group LLP boosted its stake in Forum Energy Technologies by 0.3% in the first quarter. Wellington Management Group LLP now owns 3,673,186 shares of the company’s stock worth $48,485,000 after buying an additional 11,064 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Forum Energy Technologies by 42.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,697,698 shares of the company’s stock worth $64,004,000 after buying an additional 1,095,172 shares in the last quarter.
Shares of Forum Energy Technologies Inc. (NYSE:FET) traded up 2.74% on Wednesday, reaching $20.60. The company had a trading volume of 187,715 shares. The firm’s market capitalization is $1.87 billion. The company’s 50-day moving average is $18.20 and its 200 day moving average is $16.45. Forum Energy Technologies Inc. has a 12 month low of $8.47 and a 12 month high of $21.20.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Friday, July 29th. The company reported ($0.19) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The business had revenue of $142.80 million for the quarter, compared to analyst estimates of $143.17 million. During the same quarter in the prior year, the firm posted $0.16 EPS. The firm’s revenue for the quarter was down 49.8% on a year-over-year basis. Equities analysts forecast that Forum Energy Technologies Inc. will post ($0.78) earnings per share for the current year.
A number of analysts recently commented on FET shares. Citigroup Inc. lifted their price objective on Forum Energy Technologies from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, September 2nd. Scotiabank reiterated a “sector perform” rating and set a $19.00 price objective (up previously from $16.00) on shares of Forum Energy Technologies in a research report on Friday, June 17th. Gabelli started coverage on Forum Energy Technologies in a research report on Thursday, September 15th. They set a “hold” rating and a $21.00 price objective for the company. Barclays PLC upgraded Forum Energy Technologies from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 23rd. Finally, Capital One Financial Corp. reiterated an “equal weight” rating on shares of Forum Energy Technologies in a research report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $17.37.
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. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.
Receive News & Ratings for Forum Energy Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.