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

Key Points

• Forum Energy Technologies shares surpassed their 200-day moving average of $20.29, trading as high as $28.63, indicating strong market activity.
• Analysts have shown a negative outlook for the stock, with Zacks downgrading it to "strong sell" and the average rating being "sell."
• The company reported a quarterly loss of ($0.10) EPS, missing estimates despite exceeding revenue expectations with $199.80 million.

Shares of Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) 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 changing hands.

Analysts Set New Price Targets

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

Forum Energy Technologies Stock Up 6.0%

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

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) EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.25). Forum Energy Technologies had a negative return on equity of 2.51% and a negative net margin of 13.65%.The business had revenue of $199.80 million for the quarter, compared to the consensus estimate of $190.50 million.

Institutional Trading of Forum Energy Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Keyframe Capital Partners L.P. raised its stake in shares of 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 purchasing an additional 66,322 shares during the period. PenderFund Capital Management Ltd. raised its stake in shares of 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 purchasing an additional 178,557 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Forum Energy Technologies by 3.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 296,996 shares of the oil and gas company's stock valued at $7,906,000 after purchasing an additional 8,917 shares during the period. American Century Companies Inc. raised its stake in shares of 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 purchasing an additional 96,175 shares during the period. Finally, De Lisle Partners LLP raised its stake in shares of Forum Energy Technologies by 7.4% during the 2nd quarter. De Lisle Partners LLP now owns 217,242 shares of the oil and gas company's stock valued at $4,235,000 after purchasing an additional 15,000 shares during the period. 65.60% of the stock is currently owned by institutional investors.

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.

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