Forum Energy Technologies (NYSE:FET) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of Forum Energy Technologies, Inc. (NYSE:FET) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $49.56 and traded as high as $52.92. Forum Energy Technologies shares last traded at $52.4390, with a volume of 125,129 shares.

Analysts Set New Price Targets

Several analysts have commented on FET shares. Wall Street Zen upgraded shares of 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 cut shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Forum Energy Technologies has an average rating of “Reduce”.

Forum Energy Technologies Price Performance

The firm’s 50-day moving average price is $56.95 and its 200-day moving average price is $49.56. The company has a current ratio of 2.23, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $592.56 million, a PE ratio of -88.88, a PEG ratio of 3.00 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $208.70 million for the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. On average, equities analysts forecast that Forum Energy Technologies, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the transaction, the senior vice president directly owned 54,139 shares in the company, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of FET. Meeder Asset Management Inc. acquired a new stake in Forum Energy Technologies in the fourth quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies in the fourth quarter valued at approximately $37,000. Kemnay Advisory Services Inc. acquired a new stake in Forum Energy Technologies in the fourth quarter valued at approximately $75,000. Tower Research Capital LLC TRC boosted its stake in Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Forum Energy Technologies in the first quarter valued at approximately $126,000. 65.60% of the stock is currently owned by institutional investors.

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.