Van ECK Associates Corp Buys 4,844,737 Shares of Frank’s International (NYSE:FI)

Van ECK Associates Corp increased its position in Frank’s International (NYSE:FI) by 116.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,987,536 shares of the pipeline company’s stock after acquiring an additional 4,844,737 shares during the period. Van ECK Associates Corp owned about 3.95% of Frank’s International worth $27,232,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FI. Principal Financial Group Inc. purchased a new position in Frank’s International in the 1st quarter worth approximately $54,000. Cubist Systematic Strategies LLC purchased a new stake in Frank’s International during the 1st quarter valued at $58,000. Walleye Capital LLC purchased a new stake in Frank’s International during the 1st quarter valued at $64,000. Citigroup Inc. increased its stake in shares of Frank’s International by 67.4% in the 2nd quarter. Citigroup Inc. now owns 26,228 shares of the pipeline company’s stock worth $79,000 after purchasing an additional 10,556 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Frank’s International in the 1st quarter worth $106,000. Institutional investors own 59.10% of the company’s stock.

Shares of Frank’s International stock opened at $2.98 on Wednesday. The company has a market capitalization of $680.62 million, a P/E ratio of -9.03 and a beta of 1.40. The company has a fifty day moving average of $2.79 and a 200 day moving average of $3.34. Frank’s International has a fifty-two week low of $1.49 and a fifty-two week high of $5.44.

Frank’s International (NYSE:FI) last released its quarterly earnings data on Tuesday, August 3rd. The pipeline company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.01). Frank’s International had a negative net margin of 18.91% and a negative return on equity of 8.20%. The company had revenue of $107.80 million for the quarter, compared to the consensus estimate of $104.80 million. During the same period last year, the company earned ($0.15) EPS. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, analysts anticipate that Frank’s International will post -0.18 earnings per share for the current fiscal year.

Separately, Zacks Investment Research raised shares of Frank’s International from a “sell” rating to a “hold” rating in a report on Tuesday, August 3rd.

Frank’s International Company Profile

Frank’s International NV engages in the provision of tubular services to oil and gas industries. It operates through the following four segments: Tubular Running Services, Tubulars and Cementing Equipment. The Tubular Running Services segment provides tubular services in international offshore markets and in several onshore international regions.

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Institutional Ownership by Quarter for Frank`s International (NYSE:FI)

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