Forum Energy Technologies (NYSE:FET) Reaches New 12-Month High – Here’s What Happened

Shares of Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during trading on Monday . The company traded as high as $86.25 and last traded at $85.9850, with a volume of 158027 shares. The stock had previously closed at $85.36.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Forum Energy Technologies has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

The firm has a market capitalization of $944.44 million, a PE ratio of -573.20, a P/E/G ratio of 2.70 and a beta of 0.53. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The company has a 50-day moving average price of $57.03 and a 200-day moving average price of $56.22.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.60. The firm had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. Sell-side analysts forecast that Forum Energy Technologies, Inc. will post 3.95 EPS for the current year.

Insider Activity at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 1,500 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the transaction, the senior vice president directly owned 52,639 shares of the company’s stock, valued at approximately $4,153,743.49. This trade represents a 2.77% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John C. Ivascu sold 5,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the sale, the executive vice president directly owned 85,512 shares of the company’s stock, valued at approximately $6,039,712.56. This trade represents a 5.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,500 shares of company stock valued at $877,615 in the last ninety days. 7.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds and other institutional investors have recently modified their holdings of FET. Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies during the 4th quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Forum Energy Technologies in the 4th quarter valued at about $37,000. Tower Research Capital LLC TRC boosted its position in Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after acquiring an additional 1,771 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of Forum Energy Technologies during the fourth quarter valued at about $75,000. Finally, Osaic Holdings Inc. bought a new stake in shares of Forum Energy Technologies during the second quarter valued at about $78,000. Institutional investors own 65.60% of the company’s stock.

About Forum Energy Technologies

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.