Forum Energy Technologies, Inc. (FET) Posts Earnings Results, Hits Expectations
Forum Energy Technologies, Inc. (NYSE:FET) posted its quarterly earnings data on Monday. The oil and gas company reported ($0.10) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.10), Bloomberg Earnings reports. The business had revenue of $198.70 million during the quarter, compared to analysts’ expectations of $200.96 million. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%. The business’s revenue was up 43.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.19) earnings per share.
Shares of Forum Energy Technologies (NYSE:FET) traded up 3.94% during mid-day trading on Tuesday, hitting $14.50. The company had a trading volume of 386,452 shares. The firm has a 50-day moving average price of $14.39 and a 200 day moving average price of $14.80. Forum Energy Technologies has a 12 month low of $10.05 and a 12 month high of $26.25. The firm’s market capitalization is $1.39 billion.
FET has been the subject of a number of recent analyst reports. Credit Suisse Group cut Forum Energy Technologies from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $12.00 in a research report on Thursday, August 24th. BidaskClub upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Barclays PLC cut Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $24.00 to $16.00 in a research report on Wednesday, July 12th. Deutsche Bank AG initiated coverage on Forum Energy Technologies in a research report on Tuesday, October 10th. They issued a “hold” rating and a $17.00 price objective for the company. Finally, Zacks Investment Research cut Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. Forum Energy Technologies presently has an average rating of “Hold” and an average target price of $18.56.
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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