Allspring Global Investments Holdings LLC Grows Stock Holdings in Forum Energy Technologies, Inc. $FET

Allspring Global Investments Holdings LLC raised its position in Forum Energy Technologies, Inc. (NYSE:FET) by 3.5% during the second quarter, Holdings Channel.com reports. The fund owned 288,079 shares of the oil and gas company’s stock after purchasing an additional 9,748 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Forum Energy Technologies were worth $5,548,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. PenderFund Capital Management Ltd. increased its position in shares of Forum Energy Technologies by 89.7% during the first quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company’s stock valued at $7,595,000 after buying an additional 178,557 shares during the period. American Century Companies Inc. increased its position in shares of Forum Energy Technologies by 92.6% during the first quarter. American Century Companies Inc. now owns 138,560 shares of the oil and gas company’s stock valued at $2,786,000 after buying an additional 66,620 shares during the period. Acadian Asset Management LLC increased its position in shares of Forum Energy Technologies by 995.0% during the first quarter. Acadian Asset Management LLC now owns 54,498 shares of the oil and gas company’s stock valued at $1,093,000 after buying an additional 49,521 shares during the period. Nuveen LLC purchased a new position in shares of Forum Energy Technologies during the first quarter valued at about $720,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Forum Energy Technologies by 4.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,342 shares of the oil and gas company’s stock valued at $671,000 after buying an additional 1,480 shares during the period. Hedge funds and other institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Trading Up 6.0%

NYSE:FET opened at $28.37 on Tuesday. The company’s 50 day moving average price is $26.00 and its 200-day moving average price is $20.29. Forum Energy Technologies, Inc. has a 52 week low of $12.78 and a 52 week high of $28.78. The company has a quick ratio of 1.13, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The stock has a market cap of $337.57 million, a price-to-earnings ratio of -3.19, a PEG ratio of 6.63 and a beta of 0.89.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.25). Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%. The firm had revenue of $199.80 million for the quarter, compared to analysts’ expectations of $190.50 million.

Analyst Upgrades and Downgrades

FET has been the topic of several research analyst reports. Zacks Research cut shares of Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, Forum Energy Technologies presently has an average rating of “Sell”.

Forum Energy Technologies Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.