In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Forbes Energy Services Ltd. (NASDAQ:FES) reported that Forbes Charles C. has picked up 2,724,199 of common stock as of 2017-02-15.
The acquisition brings the aggregate amount owned by Forbes Charles C. to a total of 2,724,199 representing a 12.3% stake in the company.
For those not familiar with the company, Forbes Energy Services Ltd. (FES Ltd.) is a holding company. The Company is an independent oilfield services contractor that provides a range of well site services to oil and natural gas drilling and producing companies to develop the production of oil and natural gas. The Company’s segments are Well Servicing and Fluid Logistics. Its services include fluid disposal and well maintenance. The Company’s Well Servicing segment provides an offering of well services to oil and natural gas companies, including completions of drilled oil and natural gas wells, wellbore maintenance, workovers and recompletions, tubing testing, and plugging and abandonment services. Its Fluid Logistics segment provides a range of oilfield fluid sales, transportation, storage and disposal services that are required on workover, drilling and completion projects, and are used in daily operation of producing wells by oil and natural gas producers. It operates approximately six coiled tubing spreads.
A glance at Forbes Energy Services Ltd. (NASDAQ:FES)’s key stats reveals a current market capitalization of 666,444.00 based on 22.22 million shares outstanding and a price at last close of $0.030 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2014-07-07, Steel picked up 200 at a purchase price of $4.48. This brings their total holding to 3,749,991 as of the date of the filing.
On the sell side, the most recent transaction saw Steel unload 1,100 shares at a sale price of $0.32. This brings their total holding to 3,166,541.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Forbes Energy Services Ltd. (NASDAQ:FES) as things move forward to see if its progress aligns with these transactions.
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