Forum Energy Technologies (NYSE:FET) Sets New 12-Month High - Should You Buy?

Key Points

• Forum Energy Technologies reached a new 52-week high of $90.46, with shares trading near $89.87 and substantially above their 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans positive: Zacks Research and Wall Street Zen upgraded the stock to “strong buy,” while Weiss Ratings maintained a “sell” rating, resulting in an overall “Moderate Buy” consensus.
• The company beat quarterly expectations, reporting $1.16 in EPS versus $0.56 expected and revenue of $226.22 million versus $212.35 million. However, insiders sold 11,500 shares worth about $877,615 during the last quarter, and the company continues to report a negative net margin.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s share price reached a new 52-week high during trading on Monday. The company traded as high as $90.46 and last traded at $89.87, with a volume of 61,899 shares. The stock had previously closed at $87.17.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FET shares. 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. Wall Street Zen upgraded shares of Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy".

Forum Energy Technologies Stock Performance

The stock has a market capitalization of $998.72 million, a price-to-earnings ratio of -591.76, a price-to-earnings-growth ratio of 2.72 and a beta of 0.68. The company has a 50 day simple moving average of $81.89 and a 200-day simple moving average of $65.83. The company has a quick ratio of 1.13, a current ratio of 2.19 and a debt-to-equity ratio of 0.49.

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

Insider Activity

In other Forum Energy Technologies news, SVP Michael Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction that occurred on Monday, August 10th. The shares were 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 of the company's stock, valued at $4,153,743.49. This trade represents a 2.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Ivascu sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $81.22, for a total value of $406,100.00. Following the completion of the transaction, the executive vice president owned 80,512 shares in the company, valued at $6,539,184.64. The trade was a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 11,500 shares of company stock valued at $877,615. Company insiders own 7.70% of the company's stock.

Institutional Investors Weigh In On Forum Energy Technologies

Several large investors have recently made changes to their positions in FET. State of Alaska Department of Revenue bought a new position in Forum Energy Technologies during the third quarter valued at about $28,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Forum Energy Technologies during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC increased its stake in shares of Forum Energy Technologies by 39.6% during the 3rd quarter. GAMMA Investing LLC now owns 666 shares of the oil and gas company's stock worth $54,000 after purchasing an additional 189 shares during the last quarter. IFP Advisors Inc lifted its stake in Forum Energy Technologies by 23.6% in the second quarter. IFP Advisors Inc now owns 1,289 shares of the oil and gas company's stock valued at $65,000 after purchasing an additional 246 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in Forum Energy Technologies during the second quarter valued at $96,000. 65.60% of the stock is owned by hedge funds and other institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc NYSE: FET is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.

Forum's product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.

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