Forum Energy Technologies (NYSE:FET) Hits New 12-Month High – What’s Next?

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price reached a new 52-week high on Friday . The company traded as high as $44.76 and last traded at $43.9410, with a volume of 30315 shares traded. The stock had previously closed at $43.48.

Analyst Ratings Changes

Several brokerages have weighed in on FET. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Forum Energy Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating and one has assigned 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 Stock Up 3.0%

The stock has a market cap of $509.72 million, a price-to-earnings ratio of -4.73, a P/E/G ratio of 3.26 and a beta of 0.59. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average is $35.80 and its two-hundred day moving average is $28.76.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.08. The business had revenue of $196.23 million during the quarter, compared to the consensus estimate of $194.35 million. Forum Energy Technologies had a negative net margin of 14.58% and a negative return on equity of 1.07%.

Institutional Investors Weigh In On Forum Energy Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in FET. New York State Teachers Retirement System acquired a new position in Forum Energy Technologies in the third quarter valued at $27,000. Federated Hermes Inc. grew its holdings in Forum Energy Technologies by 166.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 1,010 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares during the last quarter. Osaic Holdings Inc. purchased a new position in shares of Forum Energy Technologies during the 2nd quarter worth about $78,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Forum Energy Technologies in the third quarter worth approximately $182,000. Hedge funds and other institutional investors 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.