Forum Energy Technologies (NYSE:FET) Sets New 1-Year High – Here’s Why

Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $50.92 and last traded at $50.7390, with a volume of 121081 shares. The stock had previously closed at $50.20.

Analyst Ratings Changes

FET has been the topic of several research analyst reports. Wall Street Zen cut shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Forum Energy Technologies Trading Up 0.7%

The firm has a market capitalization of $574.93 million, a P/E ratio of -5.35, a PEG ratio of 3.81 and a beta of 0.64. The company has a quick ratio of 1.01, a current ratio of 2.19 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $40.93 and a 200-day moving average of $32.08.

Institutional Investors Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. American Century Companies Inc. boosted its position in shares of Forum Energy Technologies by 69.4% during the 2nd quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock worth $4,570,000 after acquiring an additional 96,175 shares in the last quarter. JB Capital Partners LP bought a new stake in Forum Energy Technologies during the second quarter worth $1,398,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Forum Energy Technologies in the 2nd quarter valued at $208,000. Allspring Global Investments Holdings LLC increased its stake in shares of Forum Energy Technologies by 3.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 288,079 shares of the oil and gas company’s stock valued at $5,548,000 after purchasing an additional 9,748 shares during the last quarter. Finally, De Lisle Partners LLP raised its holdings in shares of Forum Energy Technologies by 7.4% during the 2nd quarter. De Lisle Partners LLP now owns 217,242 shares of the oil and gas company’s stock worth $4,235,000 after buying an additional 15,000 shares in the last quarter. 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.