Wall Street analysts expect Forum Energy Technologies Inc (NYSE:FET) to announce earnings of ($0.02) per share for the current quarter, Zacks reports. Five analysts have issued estimates for Forum Energy Technologies’ earnings, with estimates ranging from ($0.04) to ($0.01). Forum Energy Technologies posted earnings per share of ($0.01) during the same quarter last year, which would indicate a negative year-over-year growth rate of 100%. The business is expected to report its next earnings results on Monday, July 29th.
On average, analysts expect that Forum Energy Technologies will report full year earnings of ($0.06) per share for the current fiscal year, with EPS estimates ranging from ($0.11) to ($0.03). For the next financial year, analysts forecast that the firm will report earnings of $0.27 per share, with EPS estimates ranging from $0.11 to $0.40. Zacks’ EPS averages are an average based on a survey of research analysts that follow Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last posted 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 Zacks’ 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 during the quarter, compared to the consensus estimate of $264.48 million. During the same quarter in the previous year, the business earned ($0.07) earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year.
FET has been the subject of a number of research reports. Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Monday, March 18th. Piper Jaffray Companies set a $7.00 price target on Forum Energy Technologies and gave the company a “buy” rating in a research report on Tuesday, April 9th. B. Riley reissued a “neutral” rating on shares of Forum Energy Technologies in a research 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 research note on Tuesday, April 9th. Finally, Citigroup upgraded Forum Energy Technologies from a “neutral” rating to a “buy” rating in a research note on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Forum Energy Technologies presently has a consensus rating of “Hold” and a consensus target price of $9.63.
FET stock traded down $0.15 during trading on Friday, reaching $3.34. 755,163 shares of the stock traded hands, compared to its average volume of 809,728. Forum Energy Technologies has a 52-week low of $3.30 and a 52-week high of $13.40. The company has a current ratio of 3.18, a quick ratio of 1.16 and a debt-to-equity ratio of 0.53. The company has a market cap of $367.10 million, a PE ratio of 167.00 and a beta of 2.55.
Several institutional investors and hedge funds have recently modified their holdings of FET. SEI Investments Co lifted its stake in shares of Forum Energy Technologies by 136.6% during the first quarter. SEI Investments Co now owns 8,305 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 4,795 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Forum Energy Technologies by 25.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 1,833 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Forum Energy Technologies by 588.6% during the fourth quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock worth $50,000 after purchasing an additional 10,412 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Forum Energy Technologies during the first quarter worth about $57,000. Finally, Pearl River Capital LLC acquired a new position in shares of Forum Energy Technologies during the first quarter worth about $70,000. Institutional investors own 89.73% of the company’s stock.
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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