Forum Energy Technologies (NYSE:FET) Sets New 52-Week High – Should You Buy?

Forum Energy Technologies, Inc. (NYSE:FET)’s share price hit a new 52-week high on Monday . The stock traded as high as $77.99 and last traded at $78.2180, with a volume of 21803 shares trading hands. The stock had previously closed at $74.23.

Analyst Ratings Changes

FET has been the topic of a number of research analyst reports. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Finally, Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

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 firm has a market cap of $934.64 million, a price-to-earnings ratio of -553.82, a price-to-earnings-growth ratio of 3.20 and a beta of 0.53. The stock’s fifty day moving average price is $55.13 and its 200-day moving average price is $55.37.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data 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. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The firm had revenue of $226.22 million for the quarter, compared to analysts’ expectations of $212.35 million. Equities research analysts predict that Forum Energy Technologies, Inc. will post 3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares of the company’s stock, valued at $4,153,743.49. The trade was a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the sale, the executive vice president directly owned 85,512 shares of the company’s stock, valued at $6,039,712.56. This trade represents a 5.52% decrease in their ownership of the stock. 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 own 7.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FET. Empowered Funds LLC lifted its position in Forum Energy Technologies by 8.8% in the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after buying an additional 1,127 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Forum Energy Technologies by 53.6% during the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock valued at $402,000 after acquiring an additional 6,971 shares in the last quarter. JPMorgan Chase & Co. grew its holdings 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 acquiring an additional 108,490 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Forum Energy Technologies by 9.4% in the second quarter. Rhumbline Advisers now owns 20,686 shares of the oil and gas company’s stock worth $403,000 after acquiring an additional 1,781 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Forum Energy Technologies during the second quarter worth $188,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

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.