Employees Retirement System of Texas Sells 6,585,505 Shares of Forum Energy Technologies, Inc. (NYSE:FET)

Employees Retirement System of Texas reduced its holdings in Forum Energy Technologies, Inc. (NYSE:FET - Free Report) by 93.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 441,787 shares of the oil and gas company's stock after selling 6,585,505 shares during the quarter. Employees Retirement System of Texas owned about 3.60% of Forum Energy Technologies worth $6,843,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. State Street Corp grew its holdings in Forum Energy Technologies by 6.9% in the 3rd quarter. State Street Corp now owns 198,479 shares of the oil and gas company's stock valued at $3,068,000 after buying an additional 12,785 shares during the last quarter. Barclays PLC increased its position in Forum Energy Technologies by 86.0% during the third quarter. Barclays PLC now owns 27,714 shares of the oil and gas company's stock worth $428,000 after acquiring an additional 12,810 shares during the period. Diametric Capital LP bought a new position in Forum Energy Technologies during the fourth quarter worth $350,000. JPMorgan Chase & Co. raised its stake in Forum Energy Technologies by 71.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,845 shares of the oil and gas company's stock valued at $137,000 after purchasing an additional 3,693 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Forum Energy Technologies by 41.0% in the 4th quarter. American Century Companies Inc. now owns 71,940 shares of the oil and gas company's stock valued at $1,114,000 after purchasing an additional 20,925 shares during the period. 65.60% of the stock is currently owned by institutional investors.

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Forum Energy Technologies Price Performance

Shares of FET stock traded up $0.12 during trading hours on Friday, hitting $14.18. The company had a trading volume of 113,672 shares, compared to its average volume of 59,699. The firm's fifty day moving average is $18.16 and its 200 day moving average is $16.63. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.87 and a current ratio of 1.93. The firm has a market capitalization of $175.38 million, a price-to-earnings ratio of -1.29 and a beta of 1.74. Forum Energy Technologies, Inc. has a 12 month low of $12.78 and a 12 month high of $21.57.

Forum Energy Technologies (NYSE:FET - Get Free Report) last announced its earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.58). Forum Energy Technologies had a negative return on equity of 2.39% and a negative net margin of 16.57%. The business had revenue of $201.00 million for the quarter, compared to the consensus estimate of $201.85 million.

Analysts Set New Price Targets

Separately, StockNews.com cut Forum Energy Technologies from a "buy" rating to a "hold" rating in a report on Thursday, March 6th.

Insider Transactions at Forum Energy Technologies

In related news, CEO Neal Lux bought 9,129 shares of the business's stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $17.65 per share, with a total value of $161,126.85. Following the completion of the purchase, the chief executive officer now owns 212,250 shares of the company's stock, valued at $3,746,212.50. This represents a 4.49 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.20% of the stock is owned by corporate insiders.

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.