TIAA CREF Investment Management LLC lowered its stake in shares of Forum Energy Technologies, Inc. (NYSE:FET) by 6.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,944 shares of the oil and gas company’s stock after selling 11,492 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.17% of Forum Energy Technologies worth $3,311,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in the stock. Jennison Associates LLC purchased a new position in shares of Forum Energy Technologies during the first quarter valued at approximately $52,681,000. Van ECK Associates Corp purchased a new position in shares of Forum Energy Technologies during the first quarter valued at approximately $25,200,000. Norges Bank purchased a new position in shares of Forum Energy Technologies during the fourth quarter valued at approximately $19,409,000. Aberdeen Asset Management PLC UK raised its position in shares of Forum Energy Technologies by 17.0% in the first quarter. Aberdeen Asset Management PLC UK now owns 2,449,649 shares of the oil and gas company’s stock valued at $50,708,000 after buying an additional 356,807 shares during the period. Finally, Cortina Asset Management LLC raised its position in shares of Forum Energy Technologies by 26.8% in the first quarter. Cortina Asset Management LLC now owns 1,471,501 shares of the oil and gas company’s stock valued at $30,460,000 after buying an additional 311,002 shares during the period.
Forum Energy Technologies, Inc. (NYSE:FET) traded down 2.000% during trading on Wednesday, reaching $11.025. The company had a trading volume of 250,223 shares. The firm’s market capitalization is $1.06 billion. The stock has a 50 day moving average price of $14.27 and a 200 day moving average price of $17.69. Forum Energy Technologies, Inc. has a 52 week low of $11.00 and a 52 week high of $26.25.
Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. The firm had revenue of $201.10 million for the quarter, compared to analysts’ expectations of $194.16 million. Analysts predict that Forum Energy Technologies, Inc. will post ($0.31) earnings per share for the current year.
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FET has been the topic of several recent research reports. Zacks Investment Research upgraded Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, April 18th. Jefferies Group LLC set a $22.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Thursday, April 27th. Scotiabank set a $24.00 price target on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Monday, May 1st. J P Morgan Chase & Co upgraded Forum Energy Technologies from an “underweight” rating to a “neutral” rating and set a $16.00 price objective for the company in a report on Tuesday, May 16th. Finally, TheStreet cut Forum Energy Technologies from a “c-” rating to a “d+” rating in a report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.50.
About Forum Energy Technologies
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. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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