DA Davidson Comments on Forum Energy Technologies Inc.’s Q3 2016 Earnings (FET)
Forum Energy Technologies Inc. (NYSE:FET) – Equities researchers at DA Davidson issued their Q3 2016 earnings per share (EPS) estimates for shares of Forum Energy Technologies in a note issued to investors on Wednesday. DA Davidson analyst S. Randhawa expects that the firm will earn ($0.19) per share for the quarter. DA Davidson currently has a “Buy” rating and a $25.00 target price on the stock. DA Davidson also issued estimates for Forum Energy Technologies’ Q4 2016 earnings at ($0.17) EPS, FY2016 earnings at ($0.77) EPS, Q1 2017 earnings at ($0.13) EPS, Q2 2017 earnings at ($0.13) EPS, Q3 2017 earnings at ($0.02) EPS, Q4 2017 earnings at $0.03 EPS, FY2017 earnings at ($0.26) EPS and FY2018 earnings at $0.57 EPS.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. The business earned $142.80 million during the quarter, compared to analysts’ expectations of $143.17 million. Forum Energy Technologies had a negative net margin of 28.04% and a negative return on equity of 3.20%. The firm’s revenue for the quarter was down 49.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 EPS.
A number of other equities research analysts have also recently commented on the stock. Barclays PLC upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $19.00 to $23.00 in a research note on Friday, September 23rd. Morgan Stanley set a $23.00 price objective on shares of Forum Energy Technologies and gave the company a “hold” rating in a research report on Tuesday, September 20th. Gabelli began coverage on shares of Forum Energy Technologies in a research report on Thursday, September 15th. They set a “hold” rating and a $21.00 price objective on the stock. Citigroup Inc. lifted their price objective on shares of Forum Energy Technologies from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, September 12th. Finally, Capital One Financial Corp. upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. Forum Energy Technologies currently has a consensus rating of “Hold” and an average target price of $17.75.
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Shares of Forum Energy Technologies (NYSE:FET) opened at 21.25 on Monday. The stock’s market cap is $1.93 billion. The firm’s 50-day moving average is $18.48 and its 200 day moving average is $16.58. Forum Energy Technologies has a 12 month low of $8.47 and a 12 month high of $21.70.
Hedge funds have recently added to or reduced their stakes in the company. Palisade Capital Management LLC NJ raised its stake in Forum Energy Technologies by 10.6% in the first quarter. Palisade Capital Management LLC NJ now owns 297,623 shares of the company’s stock worth $3,929,000 after buying an additional 28,488 shares during the period. Hillman Co. raised its stake in Forum Energy Technologies by 12.0% in the second quarter. Hillman Co. now owns 2,035,252 shares of the company’s stock worth $35,230,000 after buying an additional 218,821 shares during the period. Silvercrest Asset Management Group LLC raised its stake in Forum Energy Technologies by 10.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 2,161,036 shares of the company’s stock worth $28,525,000 after buying an additional 210,384 shares during the period. Wellington Management Group LLP raised its stake in Forum Energy Technologies by 0.3% in the first quarter. Wellington Management Group LLP now owns 3,673,186 shares of the company’s stock worth $48,485,000 after buying an additional 11,064 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Forum Energy Technologies by 42.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,697,698 shares of the company’s stock worth $64,004,000 after buying an additional 1,095,172 shares during the period.
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. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.
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