Forum Energy Technologies (NYSE:FET) Shares Cross Above 200 Day Moving Average – What’s Next?

Forum Energy Technologies, Inc. (NYSE:FET) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $16.52 and traded as high as $21.17. Forum Energy Technologies shares last traded at $20.60, with a volume of 63,994 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com cut Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th.

Forum Energy Technologies Price Performance

The stock’s 50-day simple moving average is $18.65 and its two-hundred day simple moving average is $16.58. The company has a market capitalization of $258.05 million, a price-to-earnings ratio of -1.91 and a beta of 2.33. The company has a quick ratio of 0.87, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.58). The firm had revenue of $201.00 million for the quarter, compared to analyst estimates of $201.85 million. Forum Energy Technologies had a negative net margin of 16.57% and a negative return on equity of 2.39%.

Insiders Place Their Bets

In other Forum Energy Technologies news, CEO Neal Lux purchased 9,129 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $17.65 per share, with a total value of $161,126.85. Following the completion of the purchase, the chief executive officer now owns 212,250 shares in the company, valued at approximately $3,746,212.50. This represents a 4.49 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 6.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. SCF Partners Inc. acquired a new stake in shares of Forum Energy Technologies in the third quarter valued at approximately $12,843,000. Dimensional Fund Advisors LP grew its stake in shares of Forum Energy Technologies by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 507,263 shares of the oil and gas company’s stock valued at $7,857,000 after buying an additional 18,236 shares during the period. Tejara Capital Ltd increased its stake in Forum Energy Technologies by 5.4% during the fourth quarter. Tejara Capital Ltd now owns 230,545 shares of the oil and gas company’s stock worth $3,571,000 after acquiring an additional 11,736 shares during the last quarter. State Street Corp increased its position in shares of Forum Energy Technologies by 6.9% during the 3rd quarter. State Street Corp now owns 198,479 shares of the oil and gas company’s stock worth $3,068,000 after purchasing an additional 12,785 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Forum Energy Technologies by 5.8% during the fourth quarter. Northern Trust Corp now owns 105,301 shares of the oil and gas company’s stock valued at $1,631,000 after acquiring an additional 5,807 shares during the last quarter. 65.60% of the stock is owned by hedge funds and other institutional investors.

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.