Forum Energy Technologies (NYSE:FET) Hits New 1-Year High – Should You Buy?

Shares of Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $86.25 and last traded at $85.9850, with a volume of 158027 shares changing hands. The stock had previously closed at $85.36.

Wall Street Analysts Forecast Growth

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

Forum Energy Technologies Price Performance

The stock’s fifty day moving average price is $57.03 and its 200-day moving average price is $56.22. The firm has a market cap of $944.44 million, a price-to-earnings ratio of -573.20, a P/E/G ratio of 2.70 and a beta of 0.53. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.60. The firm had revenue of $226.22 million for the quarter, compared to analysts’ expectations of $212.35 million. Forum Energy Technologies had a positive return on equity of 9.45% and a negative net margin of 0.19%. As a group, equities research analysts forecast that Forum Energy Technologies, Inc. will post 3.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Forum Energy Technologies

In other news, EVP John C. Ivascu sold 5,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the transaction, the executive vice president directly owned 85,512 shares in the company, valued at approximately $6,039,712.56. This represents a 5.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Dewayne Danford sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the sale, the senior vice president directly owned 52,639 shares of the company’s stock, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 11,500 shares of company stock worth $877,615. Corporate insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Forum Energy Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its position in shares of Forum Energy Technologies by 7.0% in the 4th quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company’s stock valued at $349,000 after purchasing an additional 618 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock valued at $385,000 after purchasing an additional 793 shares during the period. Meeder Asset Management Inc. acquired a new position in Forum Energy Technologies in the 4th quarter valued at $35,000. Raymond James Financial Inc. increased its position in Forum Energy Technologies by 10.1% during the 3rd quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock worth $283,000 after purchasing an additional 971 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies in the fourth quarter valued at $37,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

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.