Brokerages expect Forum Energy Technologies Inc (NYSE:FET) to announce $265.44 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Forum Energy Technologies’ earnings. The lowest sales estimate is $253.00 million and the highest is $270.80 million. Forum Energy Technologies reported sales of $201.10 million in the same quarter last year, which indicates a positive year-over-year growth rate of 32%. The business is scheduled to issue its next earnings results on Thursday, July 26th.
On average, analysts expect that Forum Energy Technologies will report full year sales of $1.09 billion for the current fiscal year, with estimates ranging from $1.04 billion to $1.13 billion. For the next fiscal year, analysts expect that the company will report sales of $1.25 billion per share, with estimates ranging from $1.10 billion to $1.33 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last posted its earnings results on Tuesday, May 1st. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $245.23 million. Forum Energy Technologies had a negative return on equity of 2.40% and a negative net margin of 1.48%.
FET has been the subject of several recent analyst reports. Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Monday, April 23rd. Piper Jaffray Companies set a $13.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a research note on Sunday, April 8th. Citigroup raised their target price on Forum Energy Technologies from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 2nd. Finally, ValuEngine raised Forum Energy Technologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 17th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Forum Energy Technologies has an average rating of “Hold” and a consensus price target of $14.18.
Several hedge funds and other institutional investors have recently modified their holdings of FET. Sei Investments Co. grew its stake in shares of Forum Energy Technologies by 71.7% in the first quarter. Sei Investments Co. now owns 10,651 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 4,448 shares in the last quarter. MML Investors Services LLC acquired a new position in Forum Energy Technologies during the 4th quarter worth $159,000. Two Sigma Investments LP acquired a new position in Forum Energy Technologies during the 4th quarter worth $163,000. Amalgamated Bank acquired a new position in Forum Energy Technologies during the 4th quarter worth $167,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Forum Energy Technologies during the 1st quarter worth $194,000. 95.76% of the stock is owned by institutional investors and hedge funds.
FET stock traded down $0.15 during midday trading on Friday, hitting $12.20. 666,200 shares of the company’s stock were exchanged, compared to its average volume of 1,170,646. The company has a quick ratio of 1.31, a current ratio of 3.47 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -32.11 and a beta of 1.90. Forum Energy Technologies has a 1-year low of $10.05 and a 1-year high of $17.95.
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 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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