Forum Energy Technologies (NYSE:FET) Sets New 12-Month High – Should You Buy?

Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during trading on Monday. The stock traded as high as $87.63 and last traded at $87.7650, with a volume of 78589 shares traded. The stock had previously closed at $83.14.

Wall Street Analysts Forecast Growth

FET has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Finally, Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

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 stock has a market cap of $954.75 million, a price-to-earnings ratio of -565.94, a P/E/G ratio of 2.72 and a beta of 0.68. The stock has a fifty day moving average of $79.12 and a 200 day moving average of $63.61.

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, topping the consensus estimate 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. On average, analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, EVP John C. Ivascu sold 5,000 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the sale, the executive vice president directly owned 85,512 shares of the company’s stock, valued at approximately $6,039,712.56. This represents a 5.52% 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Danford sold 1,500 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $78.91, for a total transaction of $118,365.00. Following the completion of the sale, the senior vice president directly owned 52,639 shares in the company, valued at approximately $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 11,500 shares of company stock valued at $877,615. 7.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently modified their holdings of FET. WINTON GROUP Ltd raised its position in Forum Energy Technologies by 25.1% during the second quarter. WINTON GROUP Ltd now owns 7,673 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 1,539 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Forum Energy Technologies during the 2nd quarter worth approximately $33,000. IFP Advisors Inc grew its stake in shares of Forum Energy Technologies by 23.6% during the 2nd quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company’s stock worth $65,000 after purchasing an additional 246 shares during the period. Squarepoint Ops LLC increased its holdings in shares of Forum Energy Technologies by 795.8% during the 2nd quarter. Squarepoint Ops LLC now owns 38,161 shares of the oil and gas company’s stock valued at $1,917,000 after purchasing an additional 33,901 shares in the last quarter. Finally, Amundi purchased a new position in shares of Forum Energy Technologies during the 2nd quarter valued at approximately $332,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc is an oilfield services and manufacturing company that develops and supplies equipment used in the exploration, drilling, completion and production of oil and natural gas wells. The company serves oil and gas operators, drilling contractors and other energy-service businesses.

Its product portfolio includes drilling and downhole tools, equipment for well completions, pressure-control and production equipment, and subsea products used in offshore energy operations.