Forum Energy Technologies (NYSE:FET) Shares Pass Above 200 Day Moving Average – What’s Next?

Shares of Forum Energy Technologies, Inc. (NYSE:FET) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $50.57 and traded as high as $52.23. Forum Energy Technologies shares last traded at $51.1380, with a volume of 202,818 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Tuesday, April 21st. Finally, Zacks Research lowered shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Forum Energy Technologies has an average rating of “Reduce”.

Forum Energy Technologies Stock Performance

The firm has a 50-day moving average of $55.85 and a two-hundred day moving average of $50.57. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $577.86 million, a PE ratio of -86.67, a PEG ratio of 2.98 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $208.70 million during the quarter, compared to the consensus estimate of $201.30 million. Research analysts anticipate that Forum Energy Technologies, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total value of $166,470.00. Following the completion of the transaction, the senior vice president directly owned 54,139 shares in the company, valued at $3,004,173.11. The trade was a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 7.70% of the stock is currently owned by company insiders.

Institutional Trading of Forum Energy Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Forum Energy Technologies by 5.2% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock valued at $300,000 after buying an additional 557 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Forum Energy Technologies by 7.0% during the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock worth $349,000 after acquiring an additional 618 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Forum Energy Technologies by 5.8% during the 3rd quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 793 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies during the 4th quarter valued at about $35,000. Finally, Raymond James Financial Inc. increased its stake in shares of Forum Energy Technologies by 10.1% in the 3rd quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after purchasing an additional 971 shares in the last quarter. Institutional investors and hedge funds 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.