Forum Energy Technologies (NYSE:FET) Sets New 52-Week High – Should You Buy?

Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $44.76 and last traded at $43.9410, with a volume of 30315 shares changing hands. The stock had previously closed at $43.48.

Analyst Ratings Changes

Several analysts have weighed in on the company. Zacks Research upgraded Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Wall Street Zen downgraded Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Forum Energy Technologies has an average rating of “Moderate Buy”.

Forum Energy Technologies Trading Up 0.6%

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 $497.85 million, a price-to-earnings ratio of -4.63, a PEG ratio of 3.33 and a beta of 0.59. The company has a fifty day moving average price of $36.07 and a 200-day moving average price of $28.99.

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

Institutional Trading of Forum Energy Technologies

A number of hedge funds have recently added to or reduced their stakes in FET. Empowered Funds LLC increased its holdings in Forum Energy Technologies by 8.8% in the first quarter. Empowered Funds LLC now owns 13,908 shares of the oil and gas company’s stock valued at $280,000 after buying an additional 1,127 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Forum Energy Technologies by 53.6% during the 1st quarter. Jane Street Group LLC now owns 19,970 shares of the oil and gas company’s stock worth $402,000 after acquiring an additional 6,971 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Forum Energy Technologies by 3.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 288,079 shares of the oil and gas company’s stock valued at $5,548,000 after acquiring an additional 9,748 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Forum Energy Technologies in the 2nd quarter valued at about $208,000. Finally, Bailard Inc. purchased a new position in shares of Forum Energy Technologies in the 2nd quarter valued at about $255,000. 65.60% of the stock is 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.