$249.39 Million in Sales Expected for Forum Energy Technologies, Inc. (FET) This Quarter

Brokerages expect Forum Energy Technologies, Inc. (NYSE:FET) to post $249.39 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Forum Energy Technologies’ earnings. The highest sales estimate is $252.50 million and the lowest is $245.90 million. Forum Energy Technologies reported sales of $147.10 million during the same quarter last year, which would suggest a positive year over year growth rate of 69.5%. The business is expected to announce its next quarterly earnings report on Thursday, February 8th.

According to Zacks, analysts expect that Forum Energy Technologies will report full-year sales of $249.39 million for the current financial year, with estimates ranging from $807.80 million to $825.60 million. For the next year, analysts expect that the company will post sales of $1.07 billion per share, with estimates ranging from $943.00 million to $1.14 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Forum Energy Technologies.

Forum Energy Technologies (NYSE:FET) last announced its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.10). The business had revenue of $198.70 million during the quarter, compared to analysts’ expectations of $200.96 million. Forum Energy Technologies had a negative net margin of 16.85% and a negative return on equity of 3.97%. The firm’s revenue for the quarter was up 43.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.19) EPS.

A number of equities analysts have commented on the stock. Zacks Investment Research raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Cowen and Company set a $11.00 target price on Forum Energy Technologies and gave the stock a “hold” rating in a research note on Friday, October 6th. Capital One Financial Corporation downgraded Forum Energy Technologies from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 28th. Citigroup Inc. upped their target price on Forum Energy Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, October 5th. Finally, BidaskClub cut Forum Energy Technologies from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $18.20.

Institutional investors and hedge funds have recently modified their holdings of the company. Suntrust Banks Inc. boosted its stake in Forum Energy Technologies by 0.5% during the 2nd quarter. Suntrust Banks Inc. now owns 14,776 shares of the oil and gas company’s stock valued at $229,000 after purchasing an additional 68 shares during the period. US Bancorp DE grew its position in Forum Energy Technologies by 8.0% in the second quarter. US Bancorp DE now owns 13,241 shares of the oil and gas company’s stock worth $206,000 after acquiring an additional 986 shares in the last quarter. Nationwide Fund Advisors grew its position in Forum Energy Technologies by 1.7% in the second quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock worth $1,040,000 after acquiring an additional 1,083 shares in the last quarter. Kornitzer Capital Management Inc. KS boosted its holdings in shares of Forum Energy Technologies by 0.3% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 881,349 shares of the oil and gas company’s stock worth $13,749,000 after buying an additional 2,475 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Forum Energy Technologies by 12.3% during 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 period. 98.58% of the stock is owned by institutional investors and hedge funds.

TRADEMARK VIOLATION NOTICE: “$249.39 Million in Sales Expected for Forum Energy Technologies, Inc. (FET) This Quarter” was first posted by Week Herald and is owned by of Week Herald. If you are reading this story on another site, it was copied illegally and reposted in violation of U.S. & international trademark and copyright law. The original version of this story can be viewed at https://weekherald.com/2017/11/14/249-39-million-in-sales-expected-for-forum-energy-technologies-inc-fet-this-quarter.html.

Forum Energy Technologies (NYSE FET) traded down $0.35 during trading on Friday, reaching $13.90. 356,200 shares of the company traded hands, compared to its average volume of 1,003,861. Forum Energy Technologies has a twelve month low of $10.05 and a twelve month high of $26.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74.

About Forum Energy Technologies

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.

Get a free copy of the Zacks research report on Forum Energy Technologies (FET)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Forum Energy Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply