Forum Energy Technologies (NYSE:FET) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Forum Energy Technologies, Inc. (NYSE:FET) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.33 and traded as high as $18.87. Forum Energy Technologies shares last traded at $17.65, with a volume of 132,666 shares.

Analysts Set New Price Targets

Separately, StockNews.com raised Forum Energy Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, February 26th.

Forum Energy Technologies Stock Performance

The business has a 50-day moving average price of $17.70 and a 200-day moving average price of $16.33. The firm has a market capitalization of $216.81 million, a price-to-earnings ratio of -1.61 and a beta of 2.38. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

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

Insider Activity

In other news, Director Louis Raspino sold 4,950 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $15.41, for a total transaction of $76,279.50. Following the sale, the director now directly owns 16,121 shares of the company’s stock, valued at $248,424.61. The trade was a 23.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Several hedge funds have recently added to or reduced their stakes in FET. Crossingbridge Advisors LLC purchased a new stake in Forum Energy Technologies in the third quarter valued at $3,721,000. Icon Wealth Advisors LLC boosted its holdings in Forum Energy Technologies by 44.4% in the third quarter. Icon Wealth Advisors LLC now owns 91,758 shares of the oil and gas company’s stock valued at $1,419,000 after purchasing an additional 28,225 shares during the last quarter. SCF Partners Inc. purchased a new stake in Forum Energy Technologies in the third quarter valued at $12,843,000. State Street Corp boosted its holdings in Forum Energy Technologies by 6.9% in the third quarter. State Street Corp now owns 198,479 shares of the oil and gas company’s stock valued at $3,068,000 after purchasing an additional 12,785 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Forum Energy Technologies by 86.0% in the third quarter. Barclays PLC now owns 27,714 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 12,810 shares during the last quarter. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Company Profile

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.