Frank’s International N.V. (FI) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS
Frank’s International N.V. (NYSE:FI) posted its earnings results on Monday. The pipeline company reported ($0.12) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.02, Morningstar.com reports. The company had revenue of $117.70 million for the quarter, compared to the consensus estimate of $113.41 million. Frank’s International N.V. had a negative net margin of 36.25% and a negative return on equity of 8.41%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the company posted ($0.20) earnings per share.
Frank’s International N.V. declared that its Board of Directors has initiated a stock buyback program on Thursday, May 25th that allows the company to buyback 1,000% of shares. This buyback authorization allows the pipeline company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
FI has been the subject of several recent research reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $11.00 target price on shares of Frank’s International N.V. in a report on Wednesday, April 26th. Zacks Investment Research lowered Frank’s International N.V. from a “hold” rating to a “strong sell” rating in a report on Monday, May 1st. Morgan Stanley lowered their target price on Frank’s International N.V. from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Monday, May 8th. Barclays PLC set a $9.00 target price on Frank’s International N.V. and gave the company a “hold” rating in a report on Monday, May 8th. Finally, BidaskClub raised Frank’s International N.V. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Six equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $10.25.
In other news, major shareholder Wbm Partnership, Lp sold 14,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $8.40, for a total transaction of $124,320.00. Following the completion of the sale, the insider now owns 9,903,867 shares of the company’s stock, valued at $83,192,482.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 77.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in FI. Boston Private Wealth LLC boosted its stake in Frank’s International N.V. by 12.1% in the first quarter. Boston Private Wealth LLC now owns 39,005 shares of the pipeline company’s stock valued at $412,000 after buying an additional 4,208 shares during the period. Anchor Capital Advisors LLC bought a new stake in Frank’s International N.V. during the first quarter valued at approximately $121,000. UBS Group AG boosted its stake in Frank’s International N.V. by 2,045.1% in the first quarter. UBS Group AG now owns 107,167 shares of the pipeline company’s stock valued at $1,133,000 after buying an additional 102,171 shares during the period. Norges Bank bought a new stake in Frank’s International N.V. during the fourth quarter valued at approximately $5,008,000. Finally, Point72 Asset Management L.P. bought a new stake in Frank’s International N.V. during the first quarter valued at approximately $6,420,000. 30.12% of the stock is currently owned by institutional investors and hedge funds.
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About Frank’s International N.V.
Frank’s International N.V. (FINV) is a provider of engineered tubular services, tubular fabrication and specialty well construction and well intervention solutions to the oil and gas industry. The Company operates through four business segments: International Services, U. S. Services, Tubular Sales and Blackhawk.
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