Forum Energy Technologies (NYSE:FET) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Forum Energy Technologies, Inc. (NYSE:FET) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $38.05 and traded as high as $59.26. Forum Energy Technologies shares last traded at $58.8070, with a volume of 261,090 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FET shares. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Finally, Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce”.

Forum Energy Technologies Trading Up 1.8%

The firm has a market capitalization of $694.52 million, a P/E ratio of -69.33, a P/E/G ratio of 3.75 and a beta of 0.54. The company has a current ratio of 2.17, a quick ratio of 1.01 and a debt-to-equity ratio of 0.46. The stock has a 50 day simple moving average of $51.88 and a 200-day simple moving average of $38.45.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. The firm had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $190.50 million. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%.

Insiders Place Their Bets

In other news, EVP John C. Ivascu sold 4,392 shares of Forum Energy Technologies stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total transaction of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares in the company, valued at $4,896,755.99. This trade represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds and other institutional investors have recently modified their holdings of FET. Hsbc Holdings PLC raised its holdings in Forum Energy Technologies by 24.4% in the 4th quarter. Hsbc Holdings PLC now owns 25,810 shares of the oil and gas company’s stock worth $959,000 after purchasing an additional 5,063 shares during the period. Invesco Ltd. lifted its position in Forum Energy Technologies by 461.5% during the fourth quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company’s stock valued at $3,703,000 after purchasing an additional 82,363 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Forum Energy Technologies by 17.3% during the fourth quarter. Mackenzie Financial Corp now owns 57,907 shares of the oil and gas company’s stock valued at $2,161,000 after purchasing an additional 8,539 shares during the period. Empowered Funds LLC increased its position in Forum Energy Technologies by 81.8% in the fourth quarter. Empowered Funds LLC now owns 60,254 shares of the oil and gas company’s stock worth $2,226,000 after buying an additional 27,118 shares in the last quarter. Finally, Quadrature Capital Ltd increased its position in Forum Energy Technologies by 18.9% in the fourth quarter. Quadrature Capital Ltd now owns 12,527 shares of the oil and gas company’s stock worth $463,000 after buying an additional 1,989 shares in the last quarter. 65.60% of the stock is currently 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.