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

Key Points

• Forum Energy Technologies' stock price recently climbed above its 200-day moving average of $18.28, reaching a high of $25.78 before closing at $25.65.
• Analysts have mixed opinions about the stock, with Zacks Research downgrading it to a "strong sell" while Wall Street Zen upgraded it to a "buy".
• The company reported an earnings miss for the last quarter, with an EPS of ($0.10), significantly below the consensus estimate of $0.15.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $18.28 and traded as high as $25.78. Forum Energy Technologies shares last traded at $25.65, with a volume of 112,937 shares.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Forum Energy Technologies from a "hold" rating to a "buy" rating in a report on Tuesday, May 6th. Zacks Research cut shares of Forum Energy Technologies from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Forum Energy Technologies presently has a consensus rating of "Sell".

Forum Energy Technologies Price Performance

The company has a current ratio of 2.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. The business's 50-day simple moving average is $20.98 and its 200 day simple moving average is $18.34. The company has a market capitalization of $314.12 million, a P/E ratio of -2.97, a P/E/G ratio of 3.73 and a beta of 0.89.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted 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 analysts' expectations 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 Trading of Forum Energy Technologies

A number of hedge funds have recently modified their holdings of the company. PenderFund Capital Management Ltd. raised its stake in shares of Forum Energy Technologies by 89.7% in the first quarter. PenderFund Capital Management Ltd. now owns 377,679 shares of the oil and gas company's stock valued at $7,595,000 after acquiring an additional 178,557 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Forum Energy Technologies by 204.3% in the second quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company's stock valued at $3,146,000 after acquiring an additional 108,490 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Forum Energy Technologies by 69.4% in the second quarter. American Century Companies Inc. now owns 234,735 shares of the oil and gas company's stock valued at $4,570,000 after acquiring an additional 96,175 shares during the last quarter. JB Capital Partners LP bought a new position in shares of Forum Energy Technologies in the second quarter valued at about $1,398,000. Finally, Keyframe Capital Partners L.P. raised its holdings in shares of Forum Energy Technologies by 8.5% in the second 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 buying an additional 66,322 shares during the last quarter. Institutional investors own 65.60% of the company's stock.

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.