Forum Energy Technologies (NYSE:FET) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Forum Energy Technologies, Inc. (NYSE:FET) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $20.29 and traded as high as $28.63. Forum Energy Technologies shares last traded at $28.37, with a volume of 108,981 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Wednesday, October 8th. Zacks Research lowered Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 13th. Two analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, Forum Energy Technologies currently has an average rating of “Sell”.

Forum Energy Technologies Price Performance

The stock has a market capitalization of $337.57 million, a PE ratio of -3.19, a PEG ratio of 6.63 and a beta of 0.89. The business has a fifty day moving average price of $26.00 and a 200-day moving average price of $20.29. The company has a current ratio of 2.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.25). The company had revenue of $199.80 million for the quarter, compared to analysts’ expectations of $190.50 million. Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%.

Institutional Investors Weigh In On Forum Energy Technologies

Several institutional investors have recently bought and sold shares of FET. PenderFund Capital Management Ltd. boosted its holdings in Forum Energy Technologies by 89.7% during the 1st quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company’s stock valued at $7,595,000 after acquiring an additional 178,557 shares during the period. JPMorgan Chase & Co. boosted its holdings in Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company’s stock valued at $3,146,000 after acquiring an additional 108,490 shares during the period. American Century Companies Inc. boosted its holdings in Forum Energy Technologies by 69.4% during the 2nd quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company’s stock valued at $4,570,000 after acquiring an additional 96,175 shares during the period. JB Capital Partners LP purchased a new stake in Forum Energy Technologies during the 2nd quarter valued at about $1,398,000. Finally, Keyframe Capital Partners L.P. boosted its holdings in Forum Energy Technologies by 8.5% during the 2nd quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock valued at $16,521,000 after acquiring an additional 66,322 shares during the period. 65.60% of the stock is currently owned by hedge funds and other institutional investors.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.