Gabelli Analysts Lift Earnings Estimates for Forum Energy Technologies, Inc. (FET)
Forum Energy Technologies, Inc. (NYSE:FET) – Investment analysts at Gabelli lifted their FY2020 earnings per share (EPS) estimates for shares of Forum Energy Technologies in a note issued to investors on Tuesday. Gabelli analyst S. Wong now expects that the oil and gas company will post earnings of $1.50 per share for the year, up from their previous forecast of $1.45. Gabelli also issued estimates for Forum Energy Technologies’ FY2021 earnings at $2.20 EPS.
Forum Energy Technologies (NYSE:FET) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. The company had revenue of $201.10 million during the quarter, compared to analyst estimates of $194.16 million. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. ILLEGAL ACTIVITY NOTICE: This article was originally posted by Watch List News and is owned by of Watch List News. If you are viewing this article on another site, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The correct version of this article can be viewed at https://www.watchlistnews.com/gabelli-analysts-lift-earnings-estimates-for-forum-energy-technologies-inc-fet/1598755.html.
Other equities research analysts also recently issued reports about the company. Societe Generale started coverage on Forum Energy Technologies in a report on Wednesday, June 7th. They issued a “buy” rating and a $20.00 price objective for the company. Barclays PLC downgraded Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $24.00 to $16.00 in a report on Wednesday, July 12th. Capital One Financial Corporation downgraded Forum Energy Technologies from an “overweight” rating to an “equal weight” rating in a report on Friday, July 28th. Morgan Stanley reiterated an “equal weight” rating and issued a $19.00 price objective (down from $25.00) on shares of Forum Energy Technologies in a report on Wednesday, June 21st. Finally, BidaskClub upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $19.81.
Forum Energy Technologies (NYSE FET) traded down 0.31% during trading on Thursday, reaching $15.90. 919,623 shares of the company traded hands. The company’s 50-day moving average price is $12.07 and its 200 day moving average price is $15.96. Forum Energy Technologies has a 52 week low of $10.05 and a 52 week high of $26.25. The firm’s market capitalization is $1.53 billion.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in shares of Forum Energy Technologies by 28,940.8% during the 1st quarter. BlackRock Inc. now owns 4,365,706 shares of the oil and gas company’s stock worth $90,370,000 after acquiring an additional 4,350,673 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Forum Energy Technologies during the 1st quarter worth approximately $25,200,000. Aberdeen Asset Management PLC UK raised its holdings in shares of Forum Energy Technologies by 29.8% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 3,180,777 shares of the oil and gas company’s stock worth $49,620,000 after acquiring an additional 731,128 shares in the last quarter. Kennedy Capital Management Inc. purchased a new stake in shares of Forum Energy Technologies during the 1st quarter worth approximately $13,033,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Forum Energy Technologies by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,433,239 shares of the oil and gas company’s stock worth $84,758,000 after acquiring an additional 455,066 shares in the last quarter.
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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