Brokerages forecast that Forum Energy Technologies Inc (NYSE:FET) will report sales of $263.44 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Forum Energy Technologies’ earnings. The lowest sales estimate is $249.17 million and the highest is $281.00 million. Forum Energy Technologies reported sales of $247.70 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 6.4%. The firm is expected to issue its next quarterly earnings results on Thursday, February 14th.
According to Zacks, analysts expect that Forum Energy Technologies will report full year sales of $1.05 billion for the current year, with estimates ranging from $1.04 billion to $1.09 billion. For the next financial year, analysts expect that the business will report sales of $1.15 billion, with estimates ranging from $1.04 billion to $1.20 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Monday, October 29th. The oil and gas company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The firm had revenue of $267.00 million during the quarter, compared to the consensus estimate of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The business’s revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.10) earnings per share.
A number of equities analysts have issued reports on FET shares. Simmons upgraded Forum Energy Technologies from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $13.25 to $12.50 in a report on Tuesday, October 2nd. Morgan Stanley started coverage on Forum Energy Technologies in a report on Tuesday, September 18th. They issued an “equal weight” rating and a $13.00 price objective for the company. ValuEngine downgraded Forum Energy Technologies from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. Bank of America started coverage on Forum Energy Technologies in a report on Monday, December 3rd. They issued a “neutral” rating and a $7.00 price objective for the company. Finally, Citigroup decreased their price objective on Forum Energy Technologies from $10.00 to $8.00 and set a “hold” rating for the company in a report on Monday, November 19th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $12.18.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its position in shares of Forum Energy Technologies by 19.3% during the third quarter. Bank of Montreal Can now owns 39,393 shares of the oil and gas company’s stock valued at $408,000 after buying an additional 6,383 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in shares of Forum Energy Technologies by 920.2% during the third quarter. Rehmann Capital Advisory Group now owns 10,784 shares of the oil and gas company’s stock valued at $1,042,000 after buying an additional 9,727 shares during the last quarter. Jefferies Group LLC purchased a new stake in shares of Forum Energy Technologies during the third quarter valued at $112,000. Royce & Associates LP boosted its position in shares of Forum Energy Technologies by 4.6% during the second quarter. Royce & Associates LP now owns 387,245 shares of the oil and gas company’s stock valued at $4,782,000 after buying an additional 16,984 shares during the last quarter. Finally, TCW Group Inc. boosted its position in shares of Forum Energy Technologies by 17.6% during the third quarter. TCW Group Inc. now owns 115,497 shares of the oil and gas company’s stock valued at $1,196,000 after buying an additional 17,247 shares during the last quarter. 92.80% of the stock is currently owned by hedge funds and other institutional investors.
FET opened at $5.69 on Friday. The company has a quick ratio of 1.25, a current ratio of 3.47 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $675.74 million, a price-to-earnings ratio of -14.97 and a beta of 1.94. Forum Energy Technologies has a 12-month low of $5.62 and a 12-month high of $17.95.
Forum Energy Technologies Company Profile
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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