Forum Energy Technologies (NYSE:FET) Reaches New 52-Week High - Should You Buy?

Key Points

• Forum Energy Technologies reached a new 52-week high, trading as high as $87.63 after closing at $83.14. Its market capitalization is approximately $1.01 billion, with shares trading above both their 50-day and 200-day moving averages.
• The company reported quarterly EPS of $1.16, beating the $0.56 analyst consensus, while revenue of $226.22 million also exceeded estimates. Analysts’ overall rating is “Moderate Buy,” though ratings remain divided between strong-buy and sell.
• Insiders sold 11,500 shares worth approximately $877,615 over the past 90 days, while institutional investors own 65.60% of the stock. The company continues to provide equipment and services for oil and natural gas exploration, drilling, completion and production.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday. The company traded as high as $87.63 and last traded at $87.7650, with a volume of 78589 shares traded. The stock had previously closed at $83.14.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FET shares. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a report on Friday, July 17th. Wall Street Zen raised Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. Finally, Zacks Research raised shares of Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Forum Energy Technologies presently has a consensus rating of "Moderate Buy".

Forum Energy Technologies Price Performance

The stock has a market capitalization of $1.01 billion, a P/E ratio of -597.30, a PEG ratio of 2.59 and a beta of 0.68. The company's 50 day simple moving average is $77.86 and its two-hundred day simple moving average is $63.20. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.60. The firm had revenue of $226.22 million for the quarter, compared to analyst estimates of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. As a group, equities analysts expect that Forum Energy Technologies, Inc. will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Michael Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares in the company, valued at $4,153,743.49. The trade was a 2.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Ivascu sold 5,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total value of $406,100.00. Following the transaction, the executive vice president owned 80,512 shares of the company's stock, valued at approximately $6,539,184.64. This trade represents a 5.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 11,500 shares of company stock valued at $877,615. 7.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new position in Forum Energy Technologies in the 2nd quarter valued at about $33,000. IFP Advisors Inc lifted its holdings in shares of Forum Energy Technologies by 23.6% during the second quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company's stock worth $65,000 after purchasing an additional 246 shares during the period. Legal & General Group Plc bought a new position in shares of Forum Energy Technologies during the second quarter worth about $96,000. Meeder Asset Management Inc. acquired a new stake in shares of Forum Energy Technologies during the second quarter worth $123,000. Finally, SG Americas Securities LLC bought a new stake in shares of Forum Energy Technologies during the 1st quarter valued at about $126,000. 65.60% of the stock is owned by institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc is an oilfield services and manufacturing company that develops and supplies equipment used in the exploration, drilling, completion and production of oil and natural gas wells. The company serves oil and gas operators, drilling contractors and other energy-service businesses.

Its product portfolio includes drilling and downhole tools, equipment for well completions, pressure-control and production equipment, and subsea products used in offshore energy operations.

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