Forum Energy Technologies (NYSE:FET) Hits New 12-Month High - Here's Why

Key Points

• Forum Energy Technologies shares reached a new 52-week high, trading as high as $67.77 and gaining about 10.2% from the prior close.
• The company reported quarterly EPS of $1.16, beating analyst expectations of $0.56, while revenue of $226.22 million also exceeded estimates.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating, although institutional investors increased their holdings and now own 65.6% of the company.

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Zacks Research downgraded Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. Finally, Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

Forum Energy Technologies Stock Up 10.2%

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 P/E ratio of -459.46, a PEG ratio of 3.63 and a beta of 0.53. The company has a fifty day moving average price of $51.97 and a 200-day moving average price of $53.67.

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

Insider Buying and Selling

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction 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 completion of the transaction, the senior vice president owned 54,139 shares in the company, valued at $3,004,173.11. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. purchased a new position in Forum Energy Technologies in the first quarter worth about $2,726,000. Bank of America Corp DE lifted its stake in shares of Forum Energy Technologies by 20.3% in the 1st quarter. Bank of America Corp DE now owns 71,251 shares of the oil and gas company's stock valued at $4,180,000 after purchasing an additional 12,000 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Forum Energy Technologies by 30.4% in the 1st quarter. Empowered Funds LLC now owns 78,555 shares of the oil and gas company's stock worth $4,608,000 after purchasing an additional 18,301 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Forum Energy Technologies by 23.7% in the 1st quarter. Renaissance Technologies LLC now owns 140,475 shares of the oil and gas company's stock worth $8,240,000 after purchasing an additional 26,875 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of Forum Energy Technologies by 20.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 19,840 shares of the oil and gas company's stock valued at $1,164,000 after purchasing an additional 3,428 shares during the last quarter. 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.

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