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

Forum Energy Technologies, Inc. (NYSE:FET)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $38.05 and traded as high as $59.26. Forum Energy Technologies shares last traded at $58.8070, with a volume of 261,090 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Forum Energy Technologies has a consensus rating of “Reduce”.

Forum Energy Technologies Stock Up 4.5%

The company has a quick ratio of 1.01, a current ratio of 2.17 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $51.07 and a 200-day simple moving average of $38.05. The firm has a market cap of $662.17 million, a P/E ratio of -66.08, a price-to-earnings-growth ratio of 5.21 and a beta of 0.54.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.36 by $0.05. The firm had revenue of $202.20 million for the quarter, compared to the consensus estimate of $190.50 million. Forum Energy Technologies had a positive return on equity of 2.40% and a negative net margin of 1.22%.

Insiders Place Their Bets

In other Forum Energy Technologies news, EVP John C. Ivascu sold 4,392 shares of Forum Energy Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $60.01, for a total transaction of $263,563.92. Following the transaction, the executive vice president owned 81,599 shares of the company’s stock, valued at $4,896,755.99. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in Forum Energy Technologies during the 4th quarter valued at approximately $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Forum Energy Technologies in the 4th quarter worth approximately $37,000. New York State Teachers Retirement System purchased a new stake in shares of Forum Energy Technologies during the 3rd quarter worth approximately $27,000. Federated Hermes Inc. raised its holdings 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 acquiring an additional 1,010 shares in the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Forum Energy Technologies during the 4th quarter valued at approximately $75,000. Institutional investors own 65.60% of the company’s stock.

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.