Forum Energy Technologies (NYSE:FET) Hits New 1-Year High – Should You Buy?

Forum Energy Technologies, Inc. (NYSE:FET)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $46.07 and last traded at $43.6680, with a volume of 198906 shares trading hands. The stock had previously closed at $45.21.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FET. Zacks Research raised Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

The company has a quick ratio of 1.01, a current ratio of 2.19 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $496.94 million, a PE ratio of -4.62, a price-to-earnings-growth ratio of 3.46 and a beta of 0.59. The firm’s 50 day simple moving average is $36.91 and its 200 day simple moving average is $29.48.

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

Hedge Funds Weigh In On Forum Energy Technologies

Several hedge funds have recently bought and sold shares of FET. New York State Teachers Retirement System bought a new stake in shares of Forum Energy Technologies during the third quarter worth $27,000. Tower Research Capital LLC TRC increased its stake in Forum Energy Technologies by 558.7% in 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 buying an additional 1,771 shares during the period. Federated Hermes Inc. lifted its holdings in 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 valued at $43,000 after buying an additional 1,010 shares in the last quarter. Osaic Holdings Inc. bought a new stake in Forum Energy Technologies during the 2nd quarter valued at about $78,000. Finally, CWM LLC boosted its position in Forum Energy Technologies by 341.4% in the 4th quarter. CWM LLC now owns 2,379 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 1,840 shares during the period. Institutional investors own 65.60% of the company’s stock.

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.