Forum Energy Technologies (NYSE:FET) Sets New 12-Month High – Here’s What Happened

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

Wall Street Analyst Weigh In

A number of analysts recently commented on FET shares. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 23rd. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, October 15th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Forum Energy Technologies Price Performance

The company’s 50 day simple moving average is $82.14 and its 200 day simple moving average is $62.04. 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 stock has a market capitalization of $1.02 billion, a PE ratio of -604.83, a PEG ratio of 2.72 and a beta of 0.68.

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 (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.60. The business had revenue of $226.22 million for the quarter, compared to analysts’ expectations of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. On average, equities analysts anticipate that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current year.

Insider Activity

In other news, SVP Michael Danford sold 1,500 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president directly owned 52,639 shares in the company, valued at $4,153,743.49. This represents a 2.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Ivascu sold 4,300 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $90.14, for a total transaction of $387,602.00. Following the completion of the sale, the executive vice president directly owned 75,512 shares in the company, valued at $6,806,651.68. This represents a 5.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,500 shares of company stock valued at $1,328,273 in the last 90 days. 7.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Forum Energy Technologies

A number of hedge funds have recently made changes to their positions in the stock. JB Capital Partners LP acquired a new position in Forum Energy Technologies during the second quarter valued at approximately $6,067,784. Arrowstreet Capital Limited Partnership increased its position in shares of Forum Energy Technologies by 66.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock worth $8,940,000 after acquiring an additional 60,711 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Forum Energy Technologies in the second quarter worth $1,811,000. Public Employees Retirement System of Ohio purchased a new position in shares of Forum Energy Technologies in the 2nd quarter valued at $997,000. Finally, Deutsche Bank AG purchased a new position in shares of Forum Energy Technologies in the 2nd quarter valued at $629,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

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.