Forum Energy Technologies (NYSE:FET) Reaches New 1-Year High – What’s Next?

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.

Analysts Set New Price Targets

A number of research firms recently weighed in on FET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Up 5.4%

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 business’s 50 day moving average price is $53.96 and its 200 day moving average price is $54.82. The firm has a market cap of $880.03 million, a PE ratio of -521.67, a PEG ratio of 3.03 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last issued its quarterly 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 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 analyst estimates of $212.35 million. On average, equities research analysts expect that Forum Energy Technologies, Inc. will post 3.06 earnings per share for the current year.

Insider Buying and Selling at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the sale, the senior vice president owned 54,139 shares of the company’s stock, valued at $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John C. Ivascu sold 5,000 shares of the company’s stock in a transaction 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 sale, the executive vice president directly owned 85,512 shares of the company’s stock, valued at $6,039,712.56. The trade was a 5.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new position in Forum Energy Technologies during the fourth quarter worth about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies in the 4th quarter valued at about $37,000. Tower Research Capital LLC TRC lifted its stake in Forum Energy Technologies by 558.7% in 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 in the last quarter. Kemnay Advisory Services Inc. purchased a new position in Forum Energy Technologies in the 4th quarter worth approximately $75,000. Finally, Osaic Holdings Inc. acquired a new position in shares of Forum Energy Technologies during the 2nd quarter worth approximately $78,000. 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.