Forum Energy Technologies (NYSE:FET) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $16.52 and traded as high as $21.17. Forum Energy Technologies shares last traded at $20.60, with a volume of 63,994 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Thursday, March 6th.

Forum Energy Technologies Price Performance

The company has a fifty day simple moving average of $18.58 and a two-hundred day simple moving average of $16.52. The stock has a market capitalization of $253.46 million, a price-to-earnings ratio of -1.88 and a beta of 2.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.87 and a current ratio of 1.93.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.58). Forum Energy Technologies had a negative return on equity of 2.39% and a negative net margin of 16.57%. The firm had revenue of $201.00 million for the quarter, compared to the consensus estimate of $201.85 million.

Insiders Place Their Bets

In other Forum Energy Technologies news, CEO Neal Lux bought 9,129 shares of the stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $17.65 per share, with a total value of $161,126.85. Following the completion of the purchase, the chief executive officer now owns 212,250 shares in the company, valued at $3,746,212.50. The trade was a 4.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its position in Forum Energy Technologies by 63.7% in the fourth quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 859 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Forum Energy Technologies by 126.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 1,319 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Forum Energy Technologies by 41.7% during the 4th quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company’s stock valued at $130,000 after acquiring an additional 2,479 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Forum Energy Technologies by 71.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,845 shares of the oil and gas company’s stock valued at $137,000 after acquiring an additional 3,693 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in Forum Energy Technologies in the 4th quarter worth about $160,000. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.