Forum Energy Technologies (NYSE:FET) Hits New 52-Week High – Still a Buy?

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $46.07 and last traded at $43.6680, with a volume of 198906 shares trading hands. The stock had previously closed at $45.21.

Analyst Ratings Changes

FET has been the topic of several recent research reports. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Wall Street Zen lowered shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

The company has a 50-day moving average of $37.53 and a two-hundred day moving average of $29.77. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.01. The stock has a market capitalization of $515.35 million, a PE ratio of -4.79, a P/E/G ratio of 3.45 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.19 by $0.08. The company had revenue of $196.23 million during the quarter, compared to analysts’ expectations of $194.35 million. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.

Hedge Funds Weigh In On Forum Energy Technologies

A number of large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in shares of Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after buying an additional 108,490 shares during the period. American Century Companies Inc. grew its position in Forum Energy Technologies by 69.4% during the second quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock valued at $4,570,000 after acquiring an additional 96,175 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Forum Energy Technologies during the third quarter valued at about $1,961,000. JB Capital Partners LP acquired a new stake in Forum Energy Technologies during the second quarter worth about $1,398,000. Finally, Two Sigma Investments LP raised its holdings in shares of Forum Energy Technologies by 185.2% in the 3rd quarter. Two Sigma Investments LP now owns 109,839 shares of the oil and gas company’s stock worth $2,934,000 after purchasing an additional 71,328 shares during the period. Hedge funds and other 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.