Brokerages predict that Forum Energy Technologies (NYSE:FET) will post earnings per share (EPS) of ($0.02) for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Forum Energy Technologies’ earnings. The lowest EPS estimate is ($0.04) and the highest is $0.01. Forum Energy Technologies reported earnings per share of ($0.10) during the same quarter last year, which would suggest a positive year over year growth rate of 80%. The company is expected to report its next quarterly earnings report on Thursday, July 26th.
According to Zacks, analysts expect that Forum Energy Technologies will report full-year earnings of $0.02 per share for the current financial year, with EPS estimates ranging from ($0.07) to $0.15. For the next year, analysts anticipate that the firm will report earnings of $0.46 per share, with EPS estimates ranging from $0.05 to $0.87. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last announced its earnings results on Tuesday, May 1st. The oil and gas company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $245.23 million. Forum Energy Technologies had a negative return on equity of 2.40% and a negative net margin of 1.48%.
FET has been the topic of several research analyst reports. Jefferies Group upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Tuesday, February 13th. Zacks Investment Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Monday, April 23rd. TheStreet upgraded shares of Forum Energy Technologies from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Piper Jaffray Companies set a $13.00 price objective on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Monday, February 12th. Finally, Barclays set a $15.00 price objective on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Monday, February 12th. Two 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 company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $15.00.
In other news, CEO Prady Iyyanki bought 90,000 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The stock was acquired at an average cost of $10.63 per share, with a total value of $956,700.00. Following the completion of the purchase, the chief executive officer now owns 443,417 shares of the company’s stock, valued at $4,713,522.71. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 30.00% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in FET. Sei Investments Co. grew its stake in shares of Forum Energy Technologies by 71.7% in the first quarter. Sei Investments Co. now owns 10,651 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 4,448 shares in the last quarter. MML Investors Services LLC bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at $159,000. Two Sigma Investments LP bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at $163,000. Amalgamated Bank bought a new position in shares of Forum Energy Technologies in the fourth quarter valued at $167,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Forum Energy Technologies in the first quarter valued at $194,000. 97.94% of the stock is owned by institutional investors and hedge funds.
FET stock remained flat at $$15.40 during mid-day trading on Friday. 15,521 shares of the company’s stock traded hands, compared to its average volume of 1,223,776. The company has a quick ratio of 1.31, a current ratio of 3.47 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.68 billion, a P/E ratio of -40.53 and a beta of 1.88. Forum Energy Technologies has a 52-week low of $10.05 and a 52-week high of $17.97.
About Forum Energy Technologies
Forum Energy Technologies, Inc designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates in three segments: Drilling & Subsea, Completions, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling, energy subsea construction and service markets, and other markets, such as alternative energy, defense, and communications.
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