Wall Street analysts forecast that Forum Energy Technologies Inc (NYSE:FET) will post sales of $289.81 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Forum Energy Technologies’ earnings. The lowest sales estimate is $288.73 million and the highest is $291.70 million. Forum Energy Technologies posted sales of $198.70 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 45.9%. The company is scheduled to report its next quarterly earnings report on Monday, October 29th.
On average, analysts expect that Forum Energy Technologies will report full-year sales of $1.11 billion for the current financial year, with estimates ranging from $1.10 billion to $1.12 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.27 billion per share, with estimates ranging from $1.21 billion to $1.33 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Monday, July 30th. The oil and gas company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $274.00 million for the quarter, compared to analysts’ expectations of $268.50 million. Forum Energy Technologies had a negative return on equity of 1.72% and a net margin of 5.08%. Forum Energy Technologies’s revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS.
FET has been the subject of a number of research reports. ValuEngine upgraded Forum Energy Technologies from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 7th. Citigroup raised their price objective on Forum Energy Technologies from $12.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 2nd. Zacks Investment Research lowered Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, May 3rd. Finally, Credit Suisse Group raised their price objective on Forum Energy Technologies from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 1st. Eleven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $14.36.
FET traded up $0.10 during trading on Wednesday, reaching $11.60. The company had a trading volume of 600,717 shares, compared to its average volume of 1,099,156. The stock has a market capitalization of $1.35 billion, a P/E ratio of -30.53 and a beta of 2.07. Forum Energy Technologies has a 12-month low of $10.05 and a 12-month high of $17.95. The company has a current ratio of 3.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33.
A number of hedge funds and other institutional investors have recently made changes to their positions in FET. Millennium Management LLC acquired a new stake in shares of Forum Energy Technologies during the 1st quarter valued at about $27,219,000. Neuberger Berman Group LLC acquired a new stake in shares of Forum Energy Technologies during the 1st quarter valued at about $11,659,000. Boston Partners lifted its holdings in shares of Forum Energy Technologies by 79.4% during the 1st quarter. Boston Partners now owns 1,768,161 shares of the oil and gas company’s stock valued at $19,450,000 after buying an additional 782,385 shares during the last quarter. Stifel Financial Corp acquired a new stake in shares of Forum Energy Technologies during the 1st quarter valued at about $7,660,000. Finally, Mitchell Group Inc. acquired a new stake in shares of Forum Energy Technologies during the 1st quarter valued at about $7,493,000. Hedge funds and other institutional investors own 93.57% 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 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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