Forum Energy Technologies (NYSE:FET) Shares Up 7.5% - Time to Buy?

Key Points

• Forum Energy Technologies shares rose 7.5% to $84.64 in mid-day trading, extending gains above their 50-day and 200-day moving averages.
• The company reported quarterly EPS of $1.16, beating estimates by $0.60, while revenue of $226.22 million also exceeded analyst expectations.
• Analyst sentiment is mixed but averages to a “Moderate Buy,” while insiders sold 11,500 shares worth approximately $877,615 over the last quarter.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s stock price shot up 7.5% during mid-day trading on Monday. The stock traded as high as $84.71 and last traded at $84.64. 152,747 shares changed hands during trading, a decline of 23% from the average daily volume of 197,342 shares. The stock had previously closed at $78.70.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FET shares. 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. Zacks Research raised shares of Forum Energy Technologies from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a report on Thursday. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy".

Forum Energy Technologies Stock Performance

The company has a market capitalization of $957.48 million, a PE ratio of -567.56, a price-to-earnings-growth ratio of 2.45 and a beta of 0.68. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 2.19. The stock's fifty day simple moving average is $81.65 and its 200-day simple moving average is $64.92.

Forum Energy Technologies (NYSE:FET - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $226.22 million during the quarter, compared to the consensus estimate 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 predict that Forum Energy Technologies, Inc. will post 4.01 earnings per share for the current year.

Insider Buying and Selling at Forum Energy Technologies

In other Forum Energy Technologies news, SVP Michael Danford sold 1,500 shares of the business's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares in the company, valued at approximately $4,153,743.49. The trade was a 2.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Ivascu sold 5,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total value of $353,150.00. Following the transaction, the executive vice president directly owned 85,512 shares in the company, valued at approximately $6,039,712.56. This represents a 5.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 11,500 shares of company stock valued at $877,615 over the last quarter. 7.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors and hedge funds have recently bought and sold shares of FET. State of Alaska Department of Revenue acquired a new position in shares of Forum Energy Technologies in the 3rd quarter valued at approximately $28,000. GAMMA Investing LLC grew its position in shares of Forum Energy Technologies by 39.6% during the third quarter. GAMMA Investing LLC now owns 666 shares of the oil and gas company's stock worth $54,000 after buying an additional 189 shares in the last quarter. WINTON GROUP Ltd grew its position in shares of Forum Energy Technologies by 25.1% during the second quarter. WINTON GROUP Ltd now owns 7,673 shares of the oil and gas company's stock worth $385,000 after buying an additional 1,539 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Forum Energy Technologies during the second quarter worth approximately $33,000. Finally, IFP Advisors Inc increased its stake in shares of 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 worth $65,000 after buying an additional 246 shares during the last quarter. Institutional investors and hedge funds own 65.60% of the company's stock.

Forum Energy Technologies Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.