Forum Energy Technologies (NYSE:FET) Reaches New 1-Year High - Here's Why

Key Points

• Shares of Forum Energy Technologies reached a new 52-week high, trading as high as $65.43 and last at $63.63 on a volume of about 39,300 shares.
• Analyst coverage is mixed—Wall Street Zen upgraded to a strong-buy while Zacks cut to hold and Weiss kept a sell, leaving an average rating of Reduce.
• The company beat quarterly EPS ($0.41 vs. $0.36) and revenue ($202.2M vs. $190.5M) but still reported a negative net margin (−1.22%) and a negative P/E (−71) with a market cap of $716.5M.

Shares of Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $65.43 and last traded at $63.6270, with a volume of 39300 shares traded. The stock had previously closed at $61.93.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Saturday, March 7th. Zacks Research cut 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 report on Tuesday, April 21st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Forum Energy Technologies currently has an average rating of "Reduce".

Forum Energy Technologies Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 2.17 and a quick ratio of 1.01. The stock has a market capitalization of $716.51 million, a price-to-earnings ratio of -71.00, a PEG ratio of 3.83 and a beta of 0.58. The stock's 50 day simple moving average is $58.03 and its 200-day simple moving average is $43.55.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.05. The firm had revenue of $202.20 million during the quarter, compared to analysts' expectations of $190.50 million. Forum Energy Technologies had a negative net margin of 1.22% and a positive return on equity of 2.40%. On average, analysts expect that Forum Energy Technologies, Inc. will post 2.02 EPS for the current fiscal year.

Insider Transactions at Forum Energy Technologies

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 value of $263,563.92. Following the completion of the sale, the executive vice president directly owned 81,599 shares in the company, valued at $4,896,755.99. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.70% of the stock is owned by company insiders.

Institutional Trading of Forum Energy Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Forum Energy Technologies by 5.2% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company's stock worth $300,000 after buying an additional 557 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Forum Energy Technologies by 7.0% in the fourth quarter. Russell Investments Group Ltd. now owns 9,442 shares of the oil and gas company's stock worth $349,000 after buying an additional 618 shares during the last quarter. Bailard Inc. lifted its stake in shares of Forum Energy Technologies by 5.3% in the third quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company's stock worth $369,000 after buying an additional 700 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company's stock worth $385,000 after buying an additional 793 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies in the fourth quarter worth $35,000. 65.60% of the stock is currently owned by institutional investors and hedge funds.

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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