Forum Energy Technologies (NYSE:FET) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Forum Energy Technologies' stock price has surpassed its 200-day moving average of $17.72, currently trading at $21.84 and experiencing a trading volume of 190,896 shares.
• Analysts recently upgraded the stock from a "hold" rating to a "buy" rating", indicating positive sentiment about its future performance.
• Despite a recent report showing a loss of $0.10 EPS, the company exceeded revenue expectations with $199.80 million, surpassing the estimated $190.50 million.

Shares of Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.72 and traded as high as $22.68. Forum Energy Technologies shares last traded at $21.84, with a volume of 190,896 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Forum Energy Technologies from a "hold" rating to a "buy" rating in a research note on Tuesday, May 6th.

Forum Energy Technologies Trading Up 1.7%

The business's fifty day moving average price is $19.89 and its 200 day moving average price is $17.87. The firm has a market capitalization of $279.89 million, a PE ratio of -2.65, a P/E/G ratio of 3.26 and a beta of 0.88. The company has a quick ratio of 1.10, a current ratio of 2.41 and a debt-to-equity ratio of 0.47.

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

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of FET. JPMorgan Chase & Co. boosted its position in shares of Forum Energy Technologies by 445.0% in the fourth quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company's stock valued at $747,000 after acquiring an additional 39,364 shares during the period. Wells Fargo & Company MN increased its position in Forum Energy Technologies by 41.7% in the fourth quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company's stock worth $130,000 after purchasing an additional 2,479 shares during the period. Russell Investments Group Ltd. grew its position in shares of Forum Energy Technologies by 63.7% during the 4th quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company's stock worth $34,000 after buying an additional 859 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Forum Energy Technologies by 20.4% in the 4th quarter. Renaissance Technologies LLC now owns 105,075 shares of the oil and gas company's stock valued at $1,628,000 after buying an additional 17,775 shares during the period. Finally, Barclays PLC grew its position in shares of Forum Energy Technologies by 7.7% in the 4th quarter. Barclays PLC now owns 29,851 shares of the oil and gas company's stock valued at $462,000 after purchasing an additional 2,137 shares during the period. 65.60% of the stock is owned by institutional investors and hedge funds.

About Forum Energy Technologies

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.