Forum Energy Technologies (NYSE:FET) Hits New 52-Week High – Here’s Why

Shares of Forum Energy Technologies, Inc. (NYSE:FET) hit a new 52-week high on Monday . The company traded as high as $62.73 and last traded at $60.8350, with a volume of 104642 shares trading hands. The stock had previously closed at $57.86.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FET shares. Wall Street Zen upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. Finally, Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 2.19. The firm has a market capitalization of $661.06 million, a PE ratio of -65.27, a price-to-earnings-growth ratio of 4.40 and a beta of 0.64. The firm’s 50 day moving average price is $42.39 and its 200-day moving average price is $33.05.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The company had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $190.50 million. Forum Energy Technologies had a positive return on equity of 2.35% and a negative net margin of 1.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FET. New York State Teachers Retirement System purchased a new stake in Forum Energy Technologies in the 3rd quarter worth $27,000. Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies in the fourth quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Forum Energy Technologies during the fourth quarter worth about $37,000. Tower Research Capital LLC TRC raised its position in shares of 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 purchasing an additional 1,771 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in Forum Energy Technologies by 166.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 1,010 shares in the last quarter. Hedge funds and other 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.