$270.77 Million in Sales Expected for Forum Energy Technologies Inc (NYSE:FET) This Quarter

Wall Street analysts predict that Forum Energy Technologies Inc (NYSE:FET) will announce sales of $270.77 million for the current quarter, according to Zacks. Five analysts have made estimates for Forum Energy Technologies’ earnings, with estimates ranging from $252.80 million to $280.76 million. Forum Energy Technologies reported sales of $274.00 million during the same quarter last year, which would suggest a negative year over year growth rate of 1.2%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Thursday, July 25th.

According to Zacks, analysts expect that Forum Energy Technologies will report full year sales of $1.11 billion for the current fiscal year, with estimates ranging from $1.05 billion to $1.13 billion. For the next year, analysts forecast that the company will report sales of $1.24 billion, with estimates ranging from $1.13 billion to $1.29 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Forum Energy Technologies.

Forum Energy Technologies (NYSE:FET) last issued its earnings results on Thursday, April 25th. The oil and gas company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $271.80 million during the quarter, compared to analyst estimates of $264.48 million. During the same period in the prior year, the company posted ($0.07) earnings per share. Forum Energy Technologies’s revenue was up 8.6% on a year-over-year basis.

A number of equities research analysts have recently commented on the company. Citigroup raised Forum Energy Technologies from a “neutral” rating to a “buy” rating in a research report on Thursday, March 14th. Zacks Investment Research upgraded Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $3.75 target price for the company in a research note on Wednesday, July 3rd. Piper Jaffray Companies set a $7.00 target price on Forum Energy Technologies and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Barclays dropped their target price on Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 9th. Finally, Bank of America reaffirmed a “neutral” rating and set a $3.50 target price (down previously from $7.00) on shares of Forum Energy Technologies in a research report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Forum Energy Technologies has a consensus rating of “Hold” and a consensus target price of $8.78.

Several hedge funds and other institutional investors have recently modified their holdings of FET. Rhumbline Advisers boosted its position in Forum Energy Technologies by 42.1% during the fourth quarter. Rhumbline Advisers now owns 116,898 shares of the oil and gas company’s stock worth $483,000 after purchasing an additional 34,651 shares during the period. First Trust Advisors LP increased its stake in Forum Energy Technologies by 337.1% during the fourth quarter. First Trust Advisors LP now owns 207,696 shares of the oil and gas company’s stock valued at $858,000 after purchasing an additional 160,174 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Forum Energy Technologies in the fourth quarter valued at $107,000. California Public Employees Retirement System raised its stake in Forum Energy Technologies by 34.0% during the fourth quarter. California Public Employees Retirement System now owns 50,144 shares of the oil and gas company’s stock worth $207,000 after acquiring an additional 12,728 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in Forum Energy Technologies by 8.2% during the fourth quarter. New York State Common Retirement Fund now owns 569,715 shares of the oil and gas company’s stock worth $2,353,000 after acquiring an additional 43,098 shares in the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.

Forum Energy Technologies stock traded up $0.03 during mid-day trading on Wednesday, hitting $2.89. 65,004 shares of the company were exchanged, compared to its average volume of 1,139,058. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.18 and a quick ratio of 1.16. The business has a fifty day moving average of $3.62. Forum Energy Technologies has a 1-year low of $2.80 and a 1-year high of $13.40. The company has a market capitalization of $314.34 million, a P/E ratio of 145.00 and a beta of 2.34.

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

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