Forum Energy Technologies (NYSE:FET) Hits New 52-Week High – Here’s Why

Shares of Forum Energy Technologies, Inc. (NYSE:FET) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.13 and last traded at $48.22, with a volume of 243312 shares changing hands. The stock had previously closed at $47.98.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FET shares. Wall Street Zen downgraded Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Forum Energy Technologies Price Performance

The stock’s 50-day moving average is $39.45 and its 200 day moving average is $31.07. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 2.19. The stock has a market capitalization of $548.74 million, a PE ratio of -5.10, a P/E/G ratio of 3.65 and a beta of 0.64.

Institutional Investors Weigh In On Forum Energy Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 period. Bailard Inc. increased its stake 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 valued at $369,000 after purchasing an additional 700 shares during the period. Victory Capital Management Inc. raised its holdings in shares of 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 valued at $385,000 after buying an additional 793 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Forum Energy Technologies by 10.1% in 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 buying an additional 971 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake 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 buying an additional 1,010 shares during the period. Hedge funds and other institutional investors 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.