Forum Energy Technologies Inc (NYSE:FET) Expected to Announce Earnings of -$0.05 Per Share

Equities analysts expect Forum Energy Technologies Inc (NYSE:FET) to report earnings per share of ($0.05) for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Forum Energy Technologies’ earnings. The highest EPS estimate is ($0.03) and the lowest is ($0.07). Forum Energy Technologies posted earnings of $0.03 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 266.7%. The business is scheduled to report its next quarterly earnings report on Monday, November 4th.

On average, analysts expect that Forum Energy Technologies will report full-year earnings of ($0.22) per share for the current financial year, with EPS estimates ranging from ($0.26) to ($0.18). For the next year, analysts anticipate that the business will report earnings of ($0.05) per share, with EPS estimates ranging from ($0.18) to $0.05. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that cover Forum Energy Technologies.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $245.60 million for the quarter, compared to the consensus estimate of $254.91 million. Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. The business’s revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) EPS.

FET has been the subject of several recent analyst reports. Piper Jaffray Companies decreased their target price on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. B. Riley set a $4.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research note on Friday, July 12th. Citigroup decreased their target price on Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Scotiabank set a $1.00 target price on Forum Energy Technologies and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, ValuEngine upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. Forum Energy Technologies currently has a consensus rating of “Hold” and a consensus price target of $7.31.

In other Forum Energy Technologies news, CEO C Christopher Gaut bought 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $1.35 per share, for a total transaction of $27,000.00. Following the purchase, the chief executive officer now directly owns 1,827,333 shares in the company, valued at $2,466,899.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 28.50% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Commerce Bank lifted its position in shares of Forum Energy Technologies by 16.9% in the 1st quarter. Commerce Bank now owns 15,980 shares of the oil and gas company’s stock worth $82,000 after acquiring an additional 2,310 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Forum Energy Technologies by 17.7% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,023 shares of the oil and gas company’s stock worth $143,000 after acquiring an additional 4,213 shares during the period. Jefferies Group LLC lifted its position in shares of Forum Energy Technologies by 21.8% in the 2nd quarter. Jefferies Group LLC now owns 39,840 shares of the oil and gas company’s stock worth $136,000 after acquiring an additional 7,141 shares during the period. Bank of America Corp DE lifted its position in shares of Forum Energy Technologies by 2.3% in the 2nd quarter. Bank of America Corp DE now owns 370,005 shares of the oil and gas company’s stock worth $1,266,000 after acquiring an additional 8,305 shares during the period. Finally, Bank of Montreal Can lifted its position in shares of Forum Energy Technologies by 18.2% in the 1st quarter. Bank of Montreal Can now owns 56,365 shares of the oil and gas company’s stock worth $288,000 after acquiring an additional 8,689 shares during the period. Hedge funds and other institutional investors own 87.79% of the company’s stock.

Shares of FET traded up $0.09 during trading hours on Friday, hitting $1.97. 1,072,749 shares of the company were exchanged, compared to its average volume of 1,232,496. The company has a market cap of $210.82 million, a PE ratio of 98.50 and a beta of 2.45. The firm’s 50 day moving average is $1.77 and its 200-day moving average is $3.92. Forum Energy Technologies has a 52 week low of $1.31 and a 52 week high of $11.67. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.15 and a current ratio of 3.25.

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 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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