Forum Energy Technologies (NYSE:FET) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Forum Energy Technologies, Inc. (NYSE:FET)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.15 and traded as high as $58.25. Forum Energy Technologies shares last traded at $57.0310, with a volume of 119,006 shares trading hands.

Wall Street Analysts Forecast Growth

FET has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Wall Street Zen raised shares of Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Tuesday, April 21st. 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Stock Performance

The company has a market cap of $644.45 million, a price-to-earnings ratio of -96.66, a PEG ratio of 3.30 and a beta of 0.60. The firm’s 50 day simple moving average is $58.45 and its 200-day simple moving average is $47.15. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.23.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, April 30th. The oil and gas company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $208.70 million during the quarter, compared to analysts’ expectations of $201.30 million. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. On average, sell-side analysts predict that Forum Energy Technologies, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling

In related news, EVP John C. Ivascu sold 4,392 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $60.01, for a total value of $263,563.92. Following the completion of the sale, the executive vice president owned 81,599 shares of the company’s stock, valued at approximately $4,896,755.99. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Dewayne Danford sold 3,000 shares of Forum Energy Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $55.49, for a total value of $166,470.00. Following the transaction, the senior vice president owned 54,139 shares in the company, valued at approximately $3,004,173.11. The trade was a 5.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 7.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Keyframe Capital Partners L.P. increased its position in Forum Energy Technologies by 8.5% during the second quarter. Keyframe Capital Partners L.P. now owns 848,519 shares of the oil and gas company’s stock worth $16,521,000 after purchasing an additional 66,322 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Forum Energy Technologies by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 626,938 shares of the oil and gas company’s stock valued at $36,775,000 after buying an additional 33,802 shares during the period. IES Holdings Inc. acquired a new stake in shares of Forum Energy Technologies during the 4th quarter worth approximately $20,107,000. JPMorgan Chase & Co. increased its holdings in shares of Forum Energy Technologies by 62.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,316 shares of the oil and gas company’s stock worth $7,006,000 after buying an additional 100,720 shares during the last quarter. Finally, State Street Corp raised its position in shares of Forum Energy Technologies by 5.3% during the 4th quarter. State Street Corp now owns 243,682 shares of the oil and gas company’s stock valued at $9,004,000 after buying an additional 12,257 shares during the period. Institutional investors and hedge funds own 65.60% of the company’s stock.

About Forum Energy Technologies

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.