$265.93 Million in Sales Expected for Forum Energy Technologies Inc (FET) This Quarter

Analysts expect Forum Energy Technologies Inc (NYSE:FET) to announce sales of $265.93 million for the current quarter, according to Zacks. Five analysts have provided estimates for Forum Energy Technologies’ earnings, with estimates ranging from $262.10 million to $271.20 million. Forum Energy Technologies reported sales of $250.20 million in the same quarter last year, which indicates a positive year-over-year growth rate of 6.3%. The company is scheduled to report its next quarterly earnings report on Monday, April 29th.

According to Zacks, analysts expect that Forum Energy Technologies will report full-year sales of $1.12 billion for the current fiscal year, with estimates ranging from $1.10 billion to $1.15 billion. For the next financial year, analysts anticipate that the company will report sales of $1.25 billion, with estimates ranging from $1.21 billion to $1.29 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Forum Energy Technologies.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, February 7th. The oil and gas company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.11. Forum Energy Technologies had a positive return on equity of 0.15% and a negative net margin of 35.15%. The business had revenue of $272.90 million during the quarter, compared to analysts’ expectations of $257.82 million. During the same quarter last year, the business posted ($0.04) earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis.

A number of research analysts have recently weighed in on the company. Credit Suisse Group dropped their price target on Forum Energy Technologies from $12.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, October 31st. Zacks Investment Research upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Citigroup dropped their price objective on Forum Energy Technologies from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, October 31st. Morgan Stanley set a $12.00 price objective on Forum Energy Technologies and gave the stock a “hold” rating in a research report on Tuesday, November 6th. Finally, Gabelli reiterated a “buy” rating on shares of Forum Energy Technologies in a research report on Monday, February 11th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.65.

Shares of FET stock traded down $0.36 during mid-day trading on Friday, reaching $6.26. The stock had a trading volume of 1,236,278 shares, compared to its average volume of 1,338,622. Forum Energy Technologies has a 12-month low of $3.51 and a 12-month high of $16.02. The stock has a market cap of $716.14 million, a P/E ratio of 313.00 and a beta of 2.28. The company has a quick ratio of 1.25, a current ratio of 3.47 and a debt-to-equity ratio of 0.33.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio grew its holdings in 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 during the period. Millennium Management LLC grew its holdings in Forum Energy Technologies by 243.0% in the 4th quarter. Millennium Management LLC now owns 3,678,074 shares of the oil and gas company’s stock valued at $15,190,000 after buying an additional 2,605,832 shares during the period. Legal & General Group Plc grew its holdings in Forum Energy Technologies by 5.7% in the 4th quarter. Legal & General Group Plc now owns 29,023 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 1,577 shares during the period. Metropolitan Life Insurance Co. NY grew its holdings in Forum Energy Technologies by 347.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 25,979 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 20,170 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in Forum Energy Technologies by 98.8% in the 4th quarter. Squarepoint Ops LLC now owns 44,137 shares of the oil and gas company’s stock valued at $182,000 after buying an additional 21,937 shares during the period. Institutional investors own 91.83% 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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