Forum Energy Technologies (NYSE:FET) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Forum Energy Technologies, Inc. (NYSE:FET) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $17.94 and traded as high as $24.04. Forum Energy Technologies shares last traded at $23.43, with a volume of 70,330 shares changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on FET shares. Wall Street Zen raised shares of Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, May 6th. Zacks Research lowered shares of Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 13th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Forum Energy Technologies Price Performance

The company’s 50-day simple moving average is $20.14 and its 200 day simple moving average is $17.94. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.41. The company has a market cap of $278.85 million, a PE ratio of -2.64, a PEG ratio of 3.35 and a beta of 0.88.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.25). Forum Energy Technologies had a negative return on equity of 2.51% and a negative net margin of 13.65%.The firm had revenue of $199.80 million for the quarter, compared to analysts’ expectations of $190.50 million.

Institutional Trading of Forum Energy Technologies

Large investors have recently made changes to their positions in the company. Headlands Technologies LLC lifted its holdings in Forum Energy Technologies by 196.6% during the 1st quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company’s stock worth $25,000 after buying an additional 820 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Forum Energy Technologies by 63.7% during the 4th quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company’s stock worth $34,000 after buying an additional 859 shares during the last quarter. Empowered Funds LLC lifted its holdings in Forum Energy Technologies by 8.8% during the 1st quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock worth $280,000 after buying an additional 1,127 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Forum Energy Technologies by 126.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company’s stock worth $37,000 after buying an additional 1,319 shares during the last quarter. Finally, Man Group plc lifted its holdings in Forum Energy Technologies by 12.0% during the 2nd quarter. Man Group plc now owns 13,275 shares of the oil and gas company’s stock worth $258,000 after buying an additional 1,426 shares during the last quarter. 65.60% of the stock is currently 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.