Why Forum Energy Technologies Stock Skyrocketed by 32% in June

Forum Energy Technologies (NYSE: FET), a somewhat under-the-radar product supplier to the oil and gas and defense industries, saw a dramatic increase in its share price in June. This was due mainly to a large contract it secured to provide components for a military client across the Pacific Ocean. Investors clearly liked what they heard about the new deal, as they bid up the company's stock by 32% during the month.In mid-month, Forum announced that it had executed a contract with the Indonesian Navy for the supply of a submarine rescue vehicle (SRV) system. The contract covers the SRV, along with a custom-designed launch and recovery system (LARS) and a decompression system.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool