Forum Energy Technologies (NYSE:FET) Hits New 52-Week High – Still a Buy?

Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during trading on Monday . The stock traded as high as $67.77 and last traded at $66.1480, with a volume of 25602 shares traded. The stock had previously closed at $62.67.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FET shares. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Finally, Zacks Research downgraded shares of Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Forum Energy Technologies Price Performance

The stock’s 50 day moving average price is $51.97 and its 200-day moving average price is $53.67. The company has a quick ratio of 1.09, a current ratio of 2.23 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $780.69 million, a PE ratio of -459.46, a price-to-earnings-growth ratio of 3.63 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.56 by $0.60. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The company had revenue of $226.22 million for the quarter, compared to the consensus estimate of $212.35 million. As a group, equities analysts forecast that Forum Energy Technologies, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling

In other news, SVP Michael Dewayne Danford sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the transaction, the senior vice president directly owned 54,139 shares of the company’s stock, valued at approximately $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new stake in shares of Forum Energy Technologies in the 4th quarter worth $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Forum Energy Technologies in the fourth quarter valued at about $37,000. Tower Research Capital LLC TRC raised its holdings in shares of Forum Energy Technologies by 558.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 1,771 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in Forum Energy Technologies in the fourth quarter worth about $75,000. Finally, Osaic Holdings Inc. purchased a new stake in Forum Energy Technologies in the second quarter worth about $78,000. 65.60% of the stock is currently 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.