Equities research analysts forecast that Forum Energy Technologies Inc (NYSE:FET) will post sales of $246.17 million for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Forum Energy Technologies’ earnings. The highest sales estimate is $248.20 million and the lowest is $244.20 million. Forum Energy Technologies reported sales of $267.00 million in the same quarter last year, which indicates a negative year over year growth rate of 7.8%. The business is expected to report its next quarterly earnings report on Monday, November 4th.
According to Zacks, analysts expect that Forum Energy Technologies will report full-year sales of $1.01 billion for the current financial year, with estimates ranging from $994.40 million to $1.03 billion. For the next financial year, analysts anticipate that the business will post sales of $1.04 billion, with estimates ranging from $997.27 million to $1.10 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.20%. The business had revenue of $245.60 million for the quarter, compared to the consensus estimate of $254.91 million. During the same period in the prior year, the business earned ($0.01) earnings per share. Forum Energy Technologies’s revenue was down 10.4% compared to the same quarter last year.
Several brokerages have recently commented on FET. Bank of America restated a “neutral” rating and issued a $3.50 target price (down previously from $7.00) on shares of Forum Energy Technologies in a research note on Tuesday, June 25th. Citigroup dropped their price target on Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Zacks Investment Research cut Forum Energy Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, July 26th. B. Riley set a $4.00 price objective on Forum Energy Technologies and gave the company a “hold” rating in a research note on Friday, July 12th. Finally, ValuEngine upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $7.89.
Shares of FET stock traded down $0.16 during trading hours on Friday, reaching $1.59. The stock had a trading volume of 691,609 shares, compared to its average volume of 1,205,521. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.25 and a quick ratio of 1.15. Forum Energy Technologies has a twelve month low of $1.37 and a twelve month high of $12.80. The firm has a 50-day simple moving average of $2.27 and a 200-day simple moving average of $4.40. The firm has a market capitalization of $188.74 million, a PE ratio of 79.50 and a beta of 2.31.
A number of large investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in Forum Energy Technologies by 81.7% in the 1st quarter. FMR LLC now owns 3,014,397 shares of the oil and gas company’s stock valued at $15,404,000 after acquiring an additional 1,355,397 shares during the period. Perella Weinberg Partners Capital Management LP increased its holdings in Forum Energy Technologies by 33.4% in the second quarter. Perella Weinberg Partners Capital Management LP now owns 5,004,973 shares of the oil and gas company’s stock worth $17,117,000 after purchasing an additional 1,252,305 shares in the last quarter. Citadel Advisors LLC increased its holdings in Forum Energy Technologies by 51.2% in the second quarter. Citadel Advisors LLC now owns 2,993,929 shares of the oil and gas company’s stock worth $10,239,000 after purchasing an additional 1,014,101 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in Forum Energy Technologies in the second quarter worth approximately $3,096,000. Finally, Deutsche Bank AG increased its holdings in Forum Energy Technologies by 128.8% in the fourth quarter. Deutsche Bank AG now owns 1,493,706 shares of the oil and gas company’s stock worth $6,168,000 after purchasing an additional 840,775 shares in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.
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 through 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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