Forbes Energy Services Ltd (FES” target=”_new”>FES) was one of the weakest stocks in the basic materials sector of the NYSE and NASDAQ listed companies on September 22, skidding 5.52% to close the day at $0.13 after closing the day prior at $0.14. Throughout the day, shares of FES” target=”_new”>FES traded as high as $0.14 and as low as $0.13. Today’s decline came with about 422,462 shares changing hands, compared to an average 30-day volume of 469,436 for Forbes Energy Services Ltd. The price is currently below the 30-day volume weighted average price of $0.13 for FES” target=”_new”>FES.
The share depreciation gives the company a market capitalization of $3.14 million based upon 22.21 million shares outstanding. It also means that FES has a price-to-book ratio of 0.08:1.
In the past 52 weeks, shares of FES” target=”_new”>FES have traded as low as $0.114 and as high as $0.89. Technical traders will take note that at $0.13, shares of FES” target=”_new”>FES are trading below their 200-day MA at $0.27 and below their 50-day MA at $0.16. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is FES?
Forbes Energy Services Ltd is an independent oilfield services contractor that provides a range of well site services to oil and natural gas drilling and producing companies to help develop and enhance the production of oil and natural gas. The company’s 1182 employees are led by CEO John E. Crisp from the corporate headquarters at 3000 South Business in Alice, TX.
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