Forum Energy Technologies (NYSE:FET) Reaches New 52-Week High - Time to Buy?

Key Points

• Forum Energy Technologies reached a new 52-week high, trading around $78.22 after closing at $74.23, a roughly 5.4% gain.
• The company beat quarterly expectations, reporting $1.16 in EPS versus the $0.56 estimate and revenue of $226.22 million versus $212.35 million expected.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy”; however, two executives recently sold shares, while institutional investors own 65.6% of the stock.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $77.99 and last traded at $78.2180, with a volume of 21803 shares. The stock had previously closed at $74.23.

Wall Street Analyst Weigh In

FET has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. Zacks Research upgraded Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Forum Energy Technologies presently has a consensus rating of "Moderate Buy".

Forum Energy Technologies Trading Up 5.4%

The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The company's fifty day moving average is $53.96 and its 200-day moving average is $54.82. The stock has a market cap of $880.03 million, a PE ratio of -521.67, a PEG ratio of 3.03 and a beta of 0.53.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.56 by $0.60. The company had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. On average, analysts predict that Forum Energy Technologies, Inc. will post 3.06 earnings per share for the current fiscal year.

Insider Transactions at Forum Energy Technologies

In related news, SVP Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was 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 directly owned 54,139 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John C. Ivascu sold 5,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the transaction, the executive vice president directly owned 85,512 shares of the company's stock, valued at $6,039,712.56. The trade was a 5.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Forum Energy Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in shares of Forum Energy Technologies in the 4th quarter valued at $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Forum Energy Technologies during the fourth quarter valued at $37,000. Tower Research Capital LLC TRC grew its position in Forum Energy Technologies by 558.7% during 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 buying an additional 1,771 shares during the period. Kemnay Advisory Services Inc. purchased a new position in Forum Energy Technologies in the fourth quarter valued at $75,000. Finally, Osaic Holdings Inc. purchased a new position in Forum Energy Technologies in the second quarter valued at $78,000. Institutional investors and hedge funds own 65.60% of the company's stock.

Forum Energy Technologies Company Profile

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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