Forum Energy Technologies (NYSE:FET) Reaches New 1-Year High – What’s Next?

Forum Energy Technologies, Inc. (NYSE:FET) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $47.29 and last traded at $47.2050, with a volume of 305867 shares changing hands. The stock had previously closed at $45.69.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Zacks Research raised shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Wall Street Zen cut shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

The company has a market cap of $543.62 million, a P/E ratio of -5.06, a P/E/G ratio of 3.57 and a beta of 0.64. The company’s 50-day moving average price is $38.80 and its two-hundred day moving average price is $30.51. The company has a current ratio of 2.19, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FET. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Forum Energy Technologies by 5.2% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,230 shares of the oil and gas company’s stock valued at $300,000 after acquiring an additional 557 shares during the last quarter. Bailard Inc. boosted its holdings in Forum Energy Technologies by 5.3% in the third quarter. Bailard Inc. now owns 13,800 shares of the oil and gas company’s stock worth $369,000 after purchasing an additional 700 shares during the period. Victory Capital Management Inc. boosted its holdings in Forum Energy Technologies by 5.8% in the third quarter. Victory Capital Management Inc. now owns 14,402 shares of the oil and gas company’s stock worth $385,000 after purchasing an additional 793 shares during the period. Raymond James Financial Inc. increased its stake in Forum Energy Technologies by 10.1% during the third quarter. Raymond James Financial Inc. now owns 10,604 shares of the oil and gas company’s stock valued at $283,000 after purchasing an additional 971 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Forum Energy Technologies by 166.7% during the third quarter. Federated Hermes Inc. now owns 1,616 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 1,010 shares during the period. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company’s offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.