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

Shares of Forum Energy Technologies, Inc. (NYSE:FET) crossed 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.

Analysts Set New Price Targets

A number of brokerages have commented on FET. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. Finally, Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Forum Energy Technologies presently has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Performance

The company’s 50-day simple moving average is $55.40 and its 200 day simple moving average is $50.78. 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 cap of $548.14 million, a P/E ratio of -82.22, a PEG ratio of 2.91 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $208.70 million during the quarter, compared to analyst estimates of $201.30 million. Forum Energy Technologies had a positive return on equity of 4.15% and a negative net margin of 0.78%. As a group, sell-side analysts expect 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 Forum Energy Technologies stock in a transaction 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 sale, 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 this hyperlink. 7.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Forum Energy Technologies

Several hedge funds have recently added to or reduced their stakes in FET. IES Holdings Inc. bought a new position in shares of Forum Energy Technologies during the 4th quarter valued at approximately $20,107,000. AQR Capital Management LLC raised its holdings in shares of Forum Energy Technologies by 1,327.5% in the 4th quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company’s stock worth $5,402,000 after purchasing an additional 135,961 shares during the period. Hillsdale Investment Management Inc. purchased a new position in Forum Energy Technologies in the first quarter valued at approximately $7,682,000. JPMorgan Chase & Co. increased its position in Forum Energy Technologies by 204.3% in the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock worth $3,146,000 after buying an additional 108,490 shares during the last quarter. Finally, Invesco Ltd. increased its position in Forum Energy Technologies by 461.5% in the fourth quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock worth $3,703,000 after buying an additional 82,363 shares during the last quarter. 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.