Forum Energy Technologies (NYSE:FET) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Forum Energy Technologies, Inc. (NYSE:FET) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $48.63 and traded as high as $53.35. Forum Energy Technologies shares last traded at $52.0450, with a volume of 109,165 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce”.

Forum Energy Technologies Stock Performance

The firm has a 50 day moving average of $57.89 and a two-hundred day moving average of $48.63. The stock has a market cap of $588.11 million, a P/E ratio of -88.21, a P/E/G ratio of 3.05 and a beta of 0.53. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%.The firm had revenue of $208.70 million during the quarter, compared to the consensus estimate of $201.30 million. On average, research analysts predict that Forum Energy Technologies, Inc. will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the sale, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. This represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.70% of the stock is currently owned by insiders.

Institutional Trading of Forum Energy Technologies

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its position in shares of Forum Energy Technologies by 8.8% in the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after acquiring an additional 1,127 shares during the period. Jane Street Group LLC lifted its position in shares of Forum Energy Technologies by 53.6% in the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock worth $402,000 after acquiring an additional 6,971 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Forum Energy Technologies by 204.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock worth $3,146,000 after acquiring an additional 108,490 shares during the period. Rhumbline Advisers lifted its position in shares of Forum Energy Technologies by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company’s stock worth $403,000 after acquiring an additional 1,781 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Forum Energy Technologies in the 2nd quarter worth approximately $188,000. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company’s offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.