Alliancebernstein L.P. Has $26.20 Million Stake in Forum Energy Technologies, Inc. (FET)

Alliancebernstein L.P. grew its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET) by 26.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,679,769 shares of the oil and gas company’s stock after acquiring an additional 355,178 shares during the period. Alliancebernstein L.P. owned about 1.74% of Forum Energy Technologies worth $26,204,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FET. Bank of New York Mellon Corp raised its stake in shares of Forum Energy Technologies by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 418,688 shares of the oil and gas company’s stock valued at $8,668,000 after acquiring an additional 8,248 shares during the last quarter. Swiss National Bank raised its stake in shares of Forum Energy Technologies by 2.7% during the first quarter. Swiss National Bank now owns 97,724 shares of the oil and gas company’s stock valued at $2,023,000 after acquiring an additional 2,600 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Forum Energy Technologies during the first quarter valued at $2,546,000. Virginia Retirement Systems ET AL raised its stake in shares of Forum Energy Technologies by 8.7% during the first quarter. Virginia Retirement Systems ET AL now owns 10,979 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 879 shares during the last quarter. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Forum Energy Technologies during the first quarter valued at $107,000.

Forum Energy Technologies, Inc. (FET) opened at 14.10 on Wednesday. The company’s market cap is $1.36 billion. Forum Energy Technologies, Inc. has a 52 week low of $10.05 and a 52 week high of $26.25. The company’s 50-day moving average is $12.07 and its 200-day moving average is $15.96.

Forum Energy Technologies (NYSE:FET) last posted its quarterly 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 net margin of 18.89% and a negative return on equity of 4.55%. The company had revenue of $201.10 million during the quarter, compared to analyst estimates of $194.16 million. On average, analysts anticipate that Forum Energy Technologies, Inc. will post ($0.30) EPS for the current fiscal year.

Several equities analysts have recently issued reports on FET shares. Societe Generale started coverage on shares of Forum Energy Technologies in a research note on Wednesday, June 7th. They set a “buy” rating and a $20.00 price target for the company. Deutsche Bank AG reaffirmed a “buy” rating and set a $25.00 price target (down previously from $26.00) on shares of Forum Energy Technologies in a research note on Tuesday, May 30th. TheStreet downgraded shares of Forum Energy Technologies from a “c-” rating to a “d+” rating in a research note on Thursday, May 25th. Barclays PLC downgraded shares of Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $24.00 to $16.00 in a research note on Wednesday, July 12th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $19.00 price target (down previously from $25.00) on shares of Forum Energy Technologies in a research note on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $19.81.

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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.

Institutional Ownership by Quarter for Forum Energy Technologies (NYSE:FET)

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