Zacks: Analysts Anticipate Forum Energy Technologies Inc (NYSE:FET) Will Post Quarterly Sales of $217.57 Million

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Wall Street brokerages forecast that Forum Energy Technologies Inc (NYSE:FET) will post sales of $217.57 million for the current quarter, Zacks reports. Four analysts have provided estimates for Forum Energy Technologies’ earnings, with the lowest sales estimate coming in at $215.00 million and the highest estimate coming in at $221.57 million. Forum Energy Technologies reported sales of $272.90 million during the same quarter last year, which indicates a negative year over year growth rate of 20.3%. The firm is scheduled to report its next earnings results on Thursday, February 6th.

According to Zacks, analysts expect that Forum Energy Technologies will report full year sales of $972.40 million for the current financial year, with estimates ranging from $965.00 million to $978.27 million. For the next financial year, analysts expect that the firm will report sales of $912.67 million, with estimates ranging from $900.00 million to $930.55 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Forum Energy Technologies.

Forum Energy Technologies (NYSE:FET) last released its earnings results on Thursday, October 24th. The oil and gas company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.07. The company had revenue of $239.30 million during the quarter, compared to the consensus estimate of $245.31 million. Forum Energy Technologies had a negative return on equity of 0.34% and a negative net margin of 91.13%.

FET has been the subject of several research reports. Morgan Stanley dropped their target price on Forum Energy Technologies from $3.50 to $3.00 and set an “equal weight” rating for the company in a research report on Monday, October 7th. Piper Jaffray Companies lowered their price objective on Forum Energy Technologies from $4.25 to $3.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Gabelli downgraded Forum Energy Technologies from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. ValuEngine raised Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Citigroup downgraded Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research report on Monday, September 30th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Forum Energy Technologies currently has a consensus rating of “Hold” and a consensus price target of $3.09.

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 completion of 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 legal filing with the Securities & Exchange Commission, which is available through this link. 28.50% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Quantamental Technologies LLC purchased a new stake in Forum Energy Technologies during the second quarter worth approximately $35,000. SG Americas Securities LLC lifted its stake in Forum Energy Technologies by 77.8% during the third quarter. SG Americas Securities LLC now owns 25,896 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 11,332 shares during the last quarter. Alambic Investment Management L.P. purchased a new stake in Forum Energy Technologies during the second quarter worth approximately $60,000. Menta Capital LLC purchased a new stake in Forum Energy Technologies during the second quarter worth approximately $62,000. Finally, Gamco Investors INC. ET AL lifted its stake in Forum Energy Technologies by 34.5% in the third quarter. Gamco Investors INC. ET AL now owns 56,864 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 14,600 shares during the last quarter. Hedge funds and other institutional investors own 89.54% of the company’s stock.

NYSE FET traded up $0.03 during trading on Friday, hitting $1.01. The stock had a trading volume of 543,558 shares, compared to its average volume of 877,539. The company has a market capitalization of $108.25 million, a PE ratio of 50.50 and a beta of 2.44. The company has a quick ratio of 1.11, a current ratio of 3.09 and a debt-to-equity ratio of 0.93. The firm has a 50 day moving average price of $1.32 and a 200 day moving average price of $2.64. Forum Energy Technologies has a twelve month low of $0.96 and a twelve month high of $7.77.

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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