Mackay Shields LLC Has $14.12 Million Position in Forum Energy Technologies, Inc. (NYSE:FET)

Mackay Shields LLC reduced its holdings in Forum Energy Technologies, Inc. (NYSE:FET) by 95.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 911,294 shares of the oil and gas company’s stock after selling 17,398,436 shares during the quarter. Mackay Shields LLC owned about 7.42% of Forum Energy Technologies worth $14,116,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. SCF Partners Inc. acquired a new stake in shares of Forum Energy Technologies in the third quarter valued at about $12,843,000. Allspring Global Investments Holdings LLC grew its position in Forum Energy Technologies by 4.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 267,858 shares of the oil and gas company’s stock worth $4,141,000 after buying an additional 12,449 shares in the last quarter. Crossingbridge Advisors LLC acquired a new stake in Forum Energy Technologies during the third quarter worth about $3,721,000. State Street Corp grew its position in Forum Energy Technologies by 6.9% during the third quarter. State Street Corp now owns 198,479 shares of the oil and gas company’s stock worth $3,068,000 after buying an additional 12,785 shares in the last quarter. Finally, Icon Wealth Advisors LLC grew its position in Forum Energy Technologies by 44.4% during the third quarter. Icon Wealth Advisors LLC now owns 91,758 shares of the oil and gas company’s stock worth $1,419,000 after buying an additional 28,225 shares in the last quarter. 65.60% of the stock is owned by institutional investors and hedge funds.

Forum Energy Technologies Stock Down 3.8 %

FET stock opened at $18.26 on Friday. Forum Energy Technologies, Inc. has a twelve month low of $12.83 and a twelve month high of $20.85. The company has a market cap of $224.31 million, a PE ratio of -1.66 and a beta of 2.38. The business’s 50-day simple moving average is $17.23 and its 200 day simple moving average is $16.22. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $201.00 million for the quarter, compared to analyst estimates of $201.85 million.

Insider Buying and Selling

In other Forum Energy Technologies news, Director Louis Raspino sold 4,950 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $15.41, for a total transaction of $76,279.50. Following the completion of the transaction, the director now owns 16,121 shares in the company, valued at $248,424.61. This trade represents a 23.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.20% of the stock is owned by company insiders.

About Forum Energy Technologies

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.