Wall Street brokerages predict that Forum Energy Technologies Inc (NYSE:FET) will announce sales of $246.27 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Forum Energy Technologies’ earnings. The lowest sales estimate is $243.10 million and the highest is $250.00 million. Forum Energy Technologies reported sales of $171.10 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 43.9%. The company is scheduled to announce its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Forum Energy Technologies will report full-year sales of $246.27 million for the current fiscal year, with estimates ranging from $1.03 billion to $1.09 billion. For the next financial year, analysts expect that the company will post sales of $1.23 billion per share, with estimates ranging from $1.08 billion to $1.32 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). The company had revenue of $247.70 million during the quarter, compared to analysts’ expectations of $249.85 million. Forum Energy Technologies had a negative return on equity of 2.98% and a negative net margin of 6.99%. Forum Energy Technologies’s revenue for the quarter was up 68.4% compared to the same quarter last year. During the same period last year, the company earned ($0.16) earnings per share.
A number of research firms have recently issued reports on FET. Jefferies Group set a $17.00 price target on shares of Forum Energy Technologies and gave the stock a “hold” rating in a research report on Thursday, January 4th. Piper Jaffray Companies set a $13.00 price objective on shares of Forum Energy Technologies and gave the company a “hold” rating in a research report on Monday, February 12th. Zacks Investment Research lowered shares of Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. TheStreet raised shares of Forum Energy Technologies from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Finally, Deutsche Bank cut their price objective on shares of Forum Energy Technologies from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Monday, February 12th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $15.79.
In other news, CEO Prady Iyyanki purchased 90,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were bought at an average price of $10.63 per share, with a total value of $956,700.00. Following the completion of the transaction, the chief executive officer now directly owns 443,417 shares in the company, valued at approximately $4,713,522.71. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 32.80% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at approximately $600,000. TIAA CREF Investment Management LLC raised its position in shares of Forum Energy Technologies by 3.0% in the fourth quarter. TIAA CREF Investment Management LLC now owns 265,474 shares of the oil and gas company’s stock valued at $4,128,000 after purchasing an additional 7,688 shares during the period. Teachers Advisors LLC raised its position in shares of Forum Energy Technologies by 10.4% in the fourth quarter. Teachers Advisors LLC now owns 190,787 shares of the oil and gas company’s stock valued at $2,967,000 after purchasing an additional 17,952 shares during the period. Paloma Partners Management Co raised its position in shares of Forum Energy Technologies by 6.5% in the fourth quarter. Paloma Partners Management Co now owns 84,079 shares of the oil and gas company’s stock valued at $1,308,000 after purchasing an additional 5,118 shares during the period. Finally, California State Teachers Retirement System raised its position in shares of Forum Energy Technologies by 15.5% in the fourth quarter. California State Teachers Retirement System now owns 127,099 shares of the oil and gas company’s stock valued at $1,976,000 after purchasing an additional 17,044 shares during the period. 94.23% of the stock is currently owned by institutional investors.
Shares of Forum Energy Technologies (FET) opened at $12.00 on Monday. The company has a current ratio of 3.65, a quick ratio of 1.61 and a debt-to-equity ratio of 0.36. Forum Energy Technologies has a 52-week low of $10.05 and a 52-week high of $21.67.
About Forum Energy Technologies
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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