Brokerages predict that Forum Energy Technologies Inc (NYSE:FET) will announce sales of $273.25 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Forum Energy Technologies’ earnings, with estimates ranging from $265.20 million to $280.76 million. Forum Energy Technologies reported sales of $274.00 million in the same quarter last year, which would suggest a negative year over year growth rate of 0.3%. The business is scheduled to issue its next earnings results on Monday, July 29th.
According to Zacks, analysts expect that Forum Energy Technologies will report full-year sales of $1.12 billion for the current financial year, with estimates ranging from $1.09 billion to $1.13 billion. For the next fiscal year, analysts expect that the company will post sales of $1.25 billion, with estimates ranging from $1.19 billion to $1.29 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. Forum Energy Technologies had a positive return on equity of 0.40% and a negative net margin of 37.76%. The firm had revenue of $271.80 million for the quarter, compared to analyst estimates of $264.48 million. During the same period in the previous year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year.
FET has been the topic of several research reports. Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $6.75 price objective on the stock in a report on Monday, March 18th. Piper Jaffray Companies set a $7.00 price objective on Forum Energy Technologies and gave the stock a “buy” rating in a report on Tuesday, April 9th. B. Riley reaffirmed a “neutral” rating on shares of Forum Energy Technologies in a report on Tuesday, February 19th. Barclays reduced their price objective on Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 9th. Finally, Citigroup raised Forum Energy Technologies from a “neutral” rating to a “buy” rating in a report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $9.63.
Hedge funds have recently bought and sold shares of the company. SEI Investments Co lifted its stake in shares of Forum Energy Technologies by 136.6% in the 1st quarter. SEI Investments Co now owns 8,305 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 4,795 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Forum Energy Technologies by 25.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 1,833 shares in the last quarter. Citigroup Inc. increased its position in shares of Forum Energy Technologies by 588.6% in the 4th quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock valued at $50,000 after buying an additional 10,412 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Forum Energy Technologies in the 1st quarter valued at $57,000. Finally, Pearl River Capital LLC bought a new stake in shares of Forum Energy Technologies in the 1st quarter valued at $70,000. 89.73% of the stock is currently owned by institutional investors.
NYSE:FET traded up $0.11 during trading hours on Monday, hitting $3.49. 55,180 shares of the stock were exchanged, compared to its average volume of 779,868. Forum Energy Technologies has a twelve month low of $3.37 and a twelve month high of $13.40. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.16 and a current ratio of 3.18. The company has a market cap of $403.37 million, a price-to-earnings ratio of 174.25 and a beta of 2.55.
About Forum Energy Technologies
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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