Forum Energy Technologies (NYSE:FET) Shares Pass Above 200 Day Moving Average - Should You Sell?

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $17.52 and traded as high as $19.64. Forum Energy Technologies shares last traded at $19.22, with a volume of 52,212 shares traded.

Wall Street Analysts Forecast Growth

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

Forum Energy Technologies Price Performance

The company has a current ratio of 2.46, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average of $18.09 and a 200 day moving average of $17.59. The firm has a market capitalization of $246.97 million, a PE ratio of -1.99, a price-to-earnings-growth ratio of 2.25 and a beta of 0.84.

Forum Energy Technologies (NYSE:FET - Get Free Report) last released its earnings results on Thursday, May 1st. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.39). The business had revenue of $193.30 million during the quarter, compared to the consensus estimate of $196.45 million. Forum Energy Technologies had a negative net margin of 15.35% and a negative return on equity of 2.26%. During the same period in the prior year, the company earned ($0.12) earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. PenderFund Capital Management Ltd. lifted its position in shares of Forum Energy Technologies by 89.7% during the first quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company's stock worth $7,595,000 after acquiring an additional 178,557 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Forum Energy Technologies by 92.6% during the first quarter. American Century Companies Inc. now owns 138,560 shares of the oil and gas company's stock worth $2,786,000 after acquiring an additional 66,620 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Forum Energy Technologies by 995.0% during the first quarter. Acadian Asset Management LLC now owns 54,498 shares of the oil and gas company's stock worth $1,093,000 after acquiring an additional 49,521 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Forum Energy Technologies by 445.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,209 shares of the oil and gas company's stock worth $747,000 after acquiring an additional 39,364 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Forum Energy Technologies by 57.3% during the fourth quarter. Bank of America Corp DE now owns 103,605 shares of the oil and gas company's stock worth $1,605,000 after acquiring an additional 37,744 shares in the last quarter. 65.60% of the stock is currently 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.