Forum Energy Technologies (NYSE:FET) Sets New 12-Month High – Should You Buy?

Forum Energy Technologies, Inc. (NYSE:FET) shares hit a new 52-week high on Monday. The stock traded as high as $90.46 and last traded at $89.87, with a volume of 61,899 shares. The stock had previously closed at $87.17.

Analyst Ratings Changes

A number of brokerages recently issued reports on FET. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, October 15th. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. Finally, Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

The business has a fifty day moving average of $81.89 and a 200-day moving average of $65.83. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49. The firm has a market cap of $998.72 million, a PE ratio of -591.76, a PEG ratio of 2.72 and a beta of 0.68.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.60. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. The business had revenue of $226.22 million during the quarter, compared to analyst estimates of $212.35 million. As a group, research analysts predict that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current year.

Insider Buying and Selling

In other Forum Energy Technologies news, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $6,039,712.56. This represents a 5.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the sale, the senior vice president owned 52,639 shares in the company, valued at $4,153,743.49. This represents a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 11,500 shares of company stock valued at $877,615 over the last 90 days. 7.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Inspire Investing LLC bought a new position in shares of Forum Energy Technologies in the third quarter worth $633,000. Range Financial Group LLC bought a new stake in Forum Energy Technologies during the third quarter valued at $385,000. State of Alaska Department of Revenue bought a new stake in Forum Energy Technologies during the third quarter valued at $28,000. GAMMA Investing LLC boosted its stake in Forum Energy Technologies by 39.6% during the third quarter. GAMMA Investing LLC now owns 666 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 189 shares during the period. Finally, WINTON GROUP Ltd grew its position in Forum Energy Technologies by 25.1% during the second quarter. WINTON GROUP Ltd now owns 7,673 shares of the oil and gas company’s stock worth $385,000 after buying an additional 1,539 shares in the last quarter. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc (NYSE:FET) is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.

Forum’s product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.