Forum Energy Technologies, Inc. (FET) to Post FY2017 Earnings of ($0.35) Per Share, Gabelli Forecasts
Forum Energy Technologies, Inc. (NYSE:FET) – Equities researchers at Gabelli lowered their FY2017 earnings estimates for shares of Forum Energy Technologies in a report issued on Wednesday. Gabelli analyst S. Wong now forecasts that the oil and gas company will earn ($0.35) per share for the year, down from their prior forecast of ($0.25). Gabelli also issued estimates for Forum Energy Technologies’ FY2019 earnings at $0.70 EPS, FY2020 earnings at $1.10 EPS and FY2021 earnings at $1.55 EPS.
A number of other research analysts have also commented on FET. Barclays PLC reaffirmed a “hold” rating and set a $17.00 price target on shares of Forum Energy Technologies in a research report on Sunday. Zacks Investment Research lowered Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Friday. Cowen and Company lowered their price target on Forum Energy Technologies from $15.00 to $11.00 and set a “market perform” rating for the company in a research report on Tuesday, August 1st. BidaskClub downgraded Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Finally, Scotiabank set a $24.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $18.63.
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Forum Energy Technologies (NYSE FET) opened at $13.94 on Monday. The company has a quick ratio of 1.76, a current ratio of 3.74 and a debt-to-equity ratio of 0.34. Forum Energy Technologies has a 52-week low of $10.05 and a 52-week high of $26.25.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $198.70 million during the quarter, compared to analyst estimates of $200.96 million. Forum Energy Technologies had a negative return on equity of 3.97% and a negative net margin of 16.85%. Forum Energy Technologies’s quarterly revenue was up 43.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.19) EPS.
Several institutional investors have recently bought and sold shares of FET. Ameriprise Financial Inc. purchased a new stake in shares of Forum Energy Technologies in the 1st quarter worth approximately $2,546,000. FMR LLC purchased a new stake in shares of Forum Energy Technologies in the 1st quarter worth approximately $4,499,000. Teachers Advisors LLC grew its stake in shares of Forum Energy Technologies by 7.5% in the 1st quarter. Teachers Advisors LLC now owns 106,140 shares of the oil and gas company’s stock worth $2,197,000 after buying an additional 7,393 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Forum Energy Technologies by 12.3% in the 1st quarter. Legal & General Group Plc now owns 24,195 shares of the oil and gas company’s stock worth $499,000 after buying an additional 2,642 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Forum Energy Technologies by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 5,469,195 shares of the oil and gas company’s stock worth $113,213,000 after buying an additional 205,452 shares during the last quarter. Institutional investors own 97.89% of the company’s stock.
Forum Energy Technologies Company Profile
Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure.
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