Forum Energy Technologies (NYSE:FET) Reaches New 12-Month High – What’s Next?

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $62.73 and last traded at $60.8350, with a volume of 104642 shares. The stock had previously closed at $57.86.

Analyst Ratings Changes

Several research firms have recently weighed in on FET. Wall Street Zen upgraded Forum Energy Technologies from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

The firm has a fifty day moving average price of $42.39 and a 200 day moving average price of $33.05. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The firm has a market cap of $661.06 million, a PE ratio of -65.27, a price-to-earnings-growth ratio of 4.40 and a beta of 0.64.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.35%. The firm had revenue of $202.20 million during the quarter, compared to analyst estimates of $190.50 million.

Hedge Funds Weigh In On Forum Energy Technologies

A number of hedge funds have recently modified their holdings of the business. New York State Teachers Retirement System purchased a new position in Forum Energy Technologies during the third quarter worth about $27,000. Meeder Asset Management Inc. purchased a new stake in shares of Forum Energy Technologies in the 4th quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Forum Energy Technologies in the 4th quarter worth approximately $37,000. Tower Research Capital LLC TRC boosted its position in shares of Forum Energy Technologies by 558.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 1,771 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Forum Energy Technologies by 166.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 1,010 shares during the period. 65.60% of the stock is currently owned by hedge funds and other 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.