Forum Energy Technologies (NYSE:FET) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Forum Energy Technologies' stock price crossed above its 200-day moving average of $17.94, reaching a high of $24.04 before last trading at $23.43.
• Analyst ratings for the stock show a shift with Wall Street Zen upgrading it from "hold" to "buy," while Zacks Research downgraded it to "strong sell," resulting in an average rating of "sell."
• The company reported a quarterly revenue of $199.80 million, surpassing analyst expectations, but posted a loss of ($0.10) earnings per share, missing consensus estimates by $0.25.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $17.94 and traded as high as $24.04. Forum Energy Technologies shares last traded at $23.43, with a volume of 70,330 shares trading hands.

Wall Street Analysts Forecast Growth

FET has been the topic of a number of research reports. Wall Street Zen raised shares of Forum Energy Technologies from a "hold" rating to a "buy" rating in a research note on Tuesday, May 6th. Zacks Research lowered shares of Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of "Sell".

Forum Energy Technologies Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 2.41. The stock's 50 day simple moving average is $20.53 and its two-hundred day simple moving average is $18.12. The firm has a market capitalization of $297.57 million, a PE ratio of -2.81, a price-to-earnings-growth ratio of 3.47 and a beta of 0.88.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share 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 during the quarter, compared to analysts' expectations of $190.50 million.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FET. Headlands Technologies LLC raised its position in shares of Forum Energy Technologies by 196.6% during the 1st quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock valued at $25,000 after buying an additional 820 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Forum Energy Technologies by 558.7% during the 2nd 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. GAMMA Investing LLC raised its position in shares of Forum Energy Technologies by 1,911.1% during the 1st quarter. GAMMA Investing LLC now owns 2,172 shares of the oil and gas company's stock valued at $44,000 after buying an additional 2,064 shares during the period. Russell Investments Group Ltd. raised 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 valued at $34,000 after buying an additional 859 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Forum Energy Technologies by 126.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company's stock valued at $37,000 after buying an additional 1,319 shares during the period. 65.60% of the stock is owned by hedge funds and other institutional investors.

Forum Energy Technologies Company Profile

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.