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

Shares of Forum Energy Technologies, Inc. (NYSE:FET) hit a new 52-week high on Monday . The stock traded as high as $67.77 and last traded at $66.1480, with a volume of 25602 shares. The stock had previously closed at $62.67.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FET shares. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Finally, Zacks Research downgraded Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.

Forum Energy Technologies Trading Up 5.3%

The company has a quick ratio of 1.09, a current ratio of 2.19 and a debt-to-equity ratio of 0.49. The firm’s 50 day simple moving average is $52.59 and its two-hundred day simple moving average is $54.12. The stock has a market cap of $833.31 million, a P/E ratio of -493.78, a price-to-earnings-growth ratio of 4.07 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 earnings per share (EPS) for the quarter, topping 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 company had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. As a group, equities research analysts predict that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the transaction, the senior vice president directly owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $353,150.00. Following the sale, the executive vice president owned 85,512 shares in the company, valued at $6,039,712.56. The trade was a 5.52% decrease in their ownership of the stock. 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 owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its stake in Forum Energy Technologies by 8.8% during 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 during the last quarter. Jane Street Group LLC lifted its stake in Forum Energy Technologies by 53.6% in the first quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock valued at $402,000 after buying an additional 6,971 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Forum Energy Technologies by 204.3% during the second 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 during the period. Rhumbline Advisers grew its position in shares of Forum Energy Technologies by 9.4% during 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. acquired a new stake in shares of Forum Energy Technologies in the 2nd quarter worth about $188,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

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.