Forum Energy Technologies Inc. (FET) Shares Bought by Viking Fund Management LLC
Viking Fund Management LLC boosted its stake in Forum Energy Technologies Inc. (NYSE:FET) by 37.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 880,000 shares of the company’s stock after buying an additional 240,000 shares during the period. Forum Energy Technologies makes up about 2.9% of Viking Fund Management LLC’s portfolio, making the stock its 12th largest position. Viking Fund Management LLC owned 0.97% of Forum Energy Technologies worth $17,477,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eagle Asset Management Inc. boosted its position in Forum Energy Technologies by 25.6% in the third quarter. Eagle Asset Management Inc. now owns 711,290 shares of the company’s stock worth $14,126,000 after buying an additional 144,942 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in Forum Energy Technologies by 55.6% in the third quarter. BNP Paribas Arbitrage SA now owns 7,519 shares of the company’s stock worth $149,000 after buying an additional 2,688 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in Forum Energy Technologies by 13.8% in the second quarter. Public Employees Retirement System of Ohio now owns 5,774 shares of the company’s stock worth $100,000 after buying an additional 700 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Forum Energy Technologies by 14.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 345,344 shares of the company’s stock worth $5,978,000 after buying an additional 42,861 shares in the last quarter. Finally, GLG Partners LP purchased a new position in Forum Energy Technologies during the second quarter worth approximately $3,990,000.
Forum Energy Technologies Inc. (NYSE:FET) traded down 0.23% during trading on Thursday, hitting $22.10. 726,218 shares of the stock traded hands. Forum Energy Technologies Inc. has a 12 month low of $8.47 and a 12 month high of $22.85. The firm’s market cap is $2.00 billion. The firm has a 50-day moving average price of $18.82 and a 200 day moving average price of $16.78.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Friday, July 29th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative net margin of 28.04% and a negative return on equity of 3.20%. The company earned $142.80 million during the quarter, compared to the consensus estimate of $143.17 million. During the same quarter last year, the company earned $0.16 earnings per share. Forum Energy Technologies’s revenue for the quarter was down 49.8% on a year-over-year basis. On average, equities analysts forecast that Forum Energy Technologies Inc. will post ($0.78) EPS for the current fiscal year.
FET has been the topic of a number of research analyst reports. Howard Weil increased their target price on Forum Energy Technologies from $16.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday, June 16th. Scotiabank reissued a “sector perform” rating and issued a $19.00 target price (up previously from $16.00) on shares of Forum Energy Technologies in a research note on Friday, June 17th. Simmons reaffirmed a “neutral” rating and set a $18.00 price objective (up from $15.25) on shares of Forum Energy Technologies in a research note on Thursday, July 7th. Jefferies Group reduced their price objective on Forum Energy Technologies from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Monday, July 11th. Finally, JPMorgan Chase & Co. cut Forum Energy Technologies from a “neutral” rating to an “underweight” rating and set a $10.00 price objective on the stock. in a research note on Tuesday, July 12th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the stock. Forum Energy Technologies currently has a consensus rating of “Hold” and an average target price of $17.95.
Forum Energy Technologies Company 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. 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.
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