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

Forum Energy Technologies, Inc. (NYSE:FET)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $27.09 and traded as high as $39.66. Forum Energy Technologies shares last traded at $38.7720, with a volume of 130,544 shares.

Analyst Ratings Changes

Several brokerages have weighed in on FET. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Wednesday, October 8th. Zacks Research upgraded shares of Forum Energy Technologies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Wall Street Zen upgraded Forum Energy Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Forum Energy Technologies Trading Down 1.9%

The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.01. The stock has a 50-day moving average price of $33.06 and a two-hundred day moving average price of $27.09. The stock has a market cap of $441.23 million, a PE ratio of -4.10, a price-to-earnings-growth ratio of 3.02 and a beta of 0.59.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.08. The firm had revenue of $196.23 million during the quarter, compared to the consensus estimate of $194.35 million. Forum Energy Technologies had a negative return on equity of 1.07% and a negative net margin of 14.58%.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in Forum Energy Technologies by 62.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock valued at $7,006,000 after acquiring an additional 100,720 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Forum Energy Technologies by 334.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 92,614 shares of the oil and gas company’s stock valued at $2,474,000 after purchasing an additional 71,294 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Forum Energy Technologies during the third quarter valued at about $433,000. Public Employees Retirement System of Ohio purchased a new position in Forum Energy Technologies in the third quarter valued at about $236,000. Finally, JB Capital Partners LP raised its holdings in Forum Energy Technologies by 68.2% in the third quarter. JB Capital Partners LP now owns 120,800 shares of the oil and gas company’s stock worth $3,227,000 after purchasing an additional 49,000 shares in the last quarter. 65.60% of the stock is owned by 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.