Mitchell Group Inc. reduced its position in shares of Forum Energy Technologies Inc (NYSE:FET) by 5.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 635,493 shares of the oil and gas company’s stock after selling 36,653 shares during the period. Forum Energy Technologies comprises about 1.2% of Mitchell Group Inc.’s holdings, making the stock its 29th largest holding. Mitchell Group Inc.’s holdings in Forum Energy Technologies were worth $6,577,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FET. Sei Investments Co. boosted its position in shares of Forum Energy Technologies by 71.7% during the first quarter. Sei Investments Co. now owns 10,651 shares of the oil and gas company’s stock worth $117,000 after buying an additional 4,448 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Forum Energy Technologies during the second quarter worth $147,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Forum Energy Technologies during the second quarter worth $323,000. Bank of Montreal Can boosted its position in shares of Forum Energy Technologies by 19.3% during the third quarter. Bank of Montreal Can now owns 39,393 shares of the oil and gas company’s stock worth $408,000 after buying an additional 6,383 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Forum Energy Technologies by 35.0% during the first quarter. California Public Employees Retirement System now owns 39,295 shares of the oil and gas company’s stock worth $432,000 after buying an additional 10,195 shares during the period. Institutional investors and hedge funds own 93.38% of the company’s stock.
Forum Energy Technologies stock traded up $0.48 during midday trading on Tuesday, reaching $8.57. The company’s stock had a trading volume of 54,519 shares, compared to its average volume of 1,253,341. Forum Energy Technologies Inc has a fifty-two week low of $7.97 and a fifty-two week high of $17.95. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.34 and a quick ratio of 1.22. The stock has a market cap of $937.02 million, a PE ratio of -23.05 and a beta of 2.02.
FET has been the subject of several research analyst reports. ValuEngine lowered Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. Barclays set a $12.00 price objective on Forum Energy Technologies and gave the company a “hold” rating in a research note on Wednesday, October 10th. Zacks Investment Research upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, October 4th. Morgan Stanley initiated coverage on Forum Energy Technologies in a research note on Tuesday, September 18th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Finally, Citigroup reduced their price objective on Forum Energy Technologies from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday, September 14th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $13.27.
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 in 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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