Forum Energy Technologies (NYSE:FET) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Forum Energy Technologies, Inc. (NYSE:FET)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $49.56 and traded as high as $52.92. Forum Energy Technologies shares last traded at $52.4390, with a volume of 125,129 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Tuesday, April 21st. Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 10th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Forum Energy Technologies Price Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. The firm has a market capitalization of $599.00 million, a P/E ratio of -89.84, a P/E/G ratio of 3.03 and a beta of 0.53. The firm’s 50 day simple moving average is $56.85 and its two-hundred day simple moving average is $49.59.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The business had revenue of $208.70 million during the quarter, compared to the consensus estimate of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. As a group, analysts predict that Forum Energy Technologies, Inc. will post 2.16 earnings per share for the current year.

Insider Activity at Forum Energy Technologies

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the completion of the transaction, the senior vice president directly owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. This represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Forum Energy Technologies

Several hedge funds and other institutional investors have recently modified their holdings of FET. Meeder Asset Management Inc. bought a new position in shares of Forum Energy Technologies during the fourth quarter valued at about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Forum Energy Technologies during the fourth quarter valued at about $37,000. Tower Research Capital LLC TRC raised its stake in shares of Forum Energy Technologies by 558.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Forum Energy Technologies during the fourth quarter valued at about $75,000. Finally, Osaic Holdings Inc. bought a new position in shares of Forum Energy Technologies during the second quarter valued at about $78,000. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

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.