Brokers Issue Forecasts for Forum Energy Technologies Inc’s FY2020 Earnings (FET)

Forum Energy Technologies Inc (NYSE:FET) – Gabelli reduced their FY2020 earnings per share (EPS) estimates for shares of Forum Energy Technologies in a note issued to investors on Wednesday, October 31st. Gabelli analyst S. Wong now anticipates that the oil and gas company will post earnings of $0.70 per share for the year, down from their previous forecast of $0.85. Gabelli also issued estimates for Forum Energy Technologies’ FY2021 earnings at $1.05 EPS and FY2022 earnings at $1.35 EPS.

Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Monday, October 29th. The oil and gas company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $267.00 million during the quarter, compared to analysts’ expectations of $283.19 million. Forum Energy Technologies had a negative return on equity of 0.74% and a net margin of 5.87%. The company’s revenue for the quarter was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) EPS.

Several other research firms have also recently commented on FET. Credit Suisse Group upped their price target on Forum Energy Technologies from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, August 1st. Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Thursday, August 2nd. ValuEngine raised Forum Energy Technologies from a “strong sell” rating to a “sell” rating in a report on Monday, July 30th. Barclays set a $12.00 price target on Forum Energy Technologies and gave the company a “hold” rating in a report on Wednesday, October 10th. Finally, Johnson Rice cut Forum Energy Technologies from a “buy” rating to an “accumulate” rating and set a $15.00 price target for the company. in a report on Monday, September 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $12.81.

Forum Energy Technologies stock opened at $8.78 on Friday. The company has a quick ratio of 1.22, a current ratio of 3.34 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $976.24 million, a price-to-earnings ratio of -23.11 and a beta of 1.95. Forum Energy Technologies has a 12 month low of $7.91 and a 12 month high of $17.95.

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of Forum Energy Technologies by 4.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,837,598 shares of the oil and gas company’s stock valued at $72,094,000 after purchasing an additional 254,467 shares during the period. BlackRock Inc. grew its stake in shares of Forum Energy Technologies by 4.3% in the 2nd quarter. BlackRock Inc. now owns 5,626,557 shares of the oil and gas company’s stock valued at $69,488,000 after purchasing an additional 232,637 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Forum Energy Technologies by 20.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,129,376 shares of the oil and gas company’s stock valued at $32,389,000 after purchasing an additional 529,804 shares during the period. Boston Partners grew its stake in shares of Forum Energy Technologies by 3.3% in the 2nd quarter. Boston Partners now owns 1,827,153 shares of the oil and gas company’s stock valued at $22,565,000 after purchasing an additional 58,992 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Forum Energy Technologies by 4.1% in the 2nd quarter. Northern Trust Corp now owns 1,502,414 shares of the oil and gas company’s stock valued at $18,556,000 after purchasing an additional 58,539 shares during the period. Institutional investors own 93.38% of the company’s stock.

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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Earnings History and Estimates for Forum Energy Technologies (NYSE:FET)

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