September 12, 2016 - 10:00 AM EDT
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Basic Materials Sector Feels Loss of 5.28% for Forbes Energy Services Ltd (FES) in Early Trading on September 12


Forbes Energy Services Ltd (FES) started the trading day on a down note, making it one of the worst performing stocks in the basic materials sector of NYSE and NASDAQ listed companies shortly after the opening bell on September 12. Shares of FES have fallen 5.28% about 30 minutes into the session to $0.15 after closing the day prior at $0.16. It’s early, but the stock has traded as high as $0.16 and as low as $0.15 so far. Today’s quick decline has come with about 2,633 shares changing hands, compared to an average 30-day volume of 588,436 for Forbes Energy Services Ltd. The price is currently below the 30-day volume weighted average price of $0.15 for FES.

The share depreciation gives the company a market capitalization of $3.53 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 have traded as low as $0.114 and as high as $0.89. Technical traders will take note that at $0.15, shares of FES are trading below their 200-day MA at $0.28 and below their 50-day MA at $0.17. 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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Source: Financial Press News (September 12, 2016 - 10:00 AM EDT)

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