Forum Energy Technologies (NYSE:FET) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Forum Energy Technologies, Inc. (NYSE:FET)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $21.16 and traded as high as $32.44. Forum Energy Technologies shares last traded at $32.0470, with a volume of 96,742 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a report on Wednesday, October 8th. Zacks Research downgraded shares of Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 13th. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, Forum Energy Technologies presently has a consensus rating of “Sell”.

Forum Energy Technologies Price Performance

The stock has a market cap of $381.36 million, a PE ratio of -3.60, a P/E/G ratio of 7.95 and a beta of 0.89. The business has a fifty day moving average of $27.21 and a 200 day moving average of $21.16. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.41 and a quick ratio of 1.13.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.25). The company had revenue of $199.80 million during the quarter, compared to analyst estimates of $190.50 million. Forum Energy Technologies had a negative net margin of 13.65% and a negative return on equity of 2.51%.

Institutional Trading of Forum Energy Technologies

Several institutional investors and hedge funds have recently bought and sold shares of FET. Headlands Technologies LLC raised its stake in Forum Energy Technologies by 196.6% during the first quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 820 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in Forum Energy Technologies during the third quarter valued at approximately $27,000. Tower Research Capital LLC TRC raised its stake in Forum Energy Technologies by 558.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,088 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 1,771 shares in the last quarter. Osaic Holdings Inc. acquired a new stake in Forum Energy Technologies during the second quarter valued at approximately $78,000. Finally, Raymond James Financial Inc. acquired a new stake in Forum Energy Technologies during the second quarter valued at approximately $188,000. Institutional investors and hedge funds own 65.60% of the company’s stock.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.