Forum Energy Technologies Inc (NYSE:FET) Expected to Post Quarterly Sales of $217.57 Million

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Equities analysts forecast that Forum Energy Technologies Inc (NYSE:FET) will post $217.57 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Forum Energy Technologies’ earnings, with estimates ranging from $215.00 million to $221.57 million. Forum Energy Technologies reported sales of $272.90 million in the same quarter last year, which indicates a negative year-over-year growth rate of 20.3%. The firm is expected to issue its next quarterly earnings report 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 year, with estimates ranging from $965.00 million to $978.27 million. For the next fiscal year, analysts expect that the company will post sales of $912.67 million, with estimates ranging from $900.00 million to $930.55 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Forum Energy Technologies.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. The business 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%.

A number of analysts recently commented on the company. Zacks Investment Research raised Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $1.25 price target for the company in a research report on Thursday, November 14th. Morgan Stanley cut their price objective on Forum Energy Technologies from $3.50 to $3.00 and set an “equal weight” rating on the stock in a research report on Monday, October 7th. Scotiabank set a $1.00 price objective on Forum Energy Technologies and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, Citigroup lowered Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research report on Monday, September 30th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Forum Energy Technologies has an average rating of “Hold” and an average price target of $3.09.

Forum Energy Technologies stock opened at $1.43 on Tuesday. Forum Energy Technologies has a fifty-two week low of $0.88 and a fifty-two week high of $7.00. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.11 and a current ratio of 3.09. The firm’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $2.11. The stock has a market cap of $152.44 million, a PE ratio of 71.50 and a beta of 2.51.

In other news, CEO C Christopher Gaut acquired 312,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $1.28 per share, with a total value of $400,000.00. Following the acquisition, the chief executive officer now owns 2,127,833 shares in the company, valued at approximately $2,723,626.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew L. Waite acquired 585,938 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $1.28 per share, with a total value of $750,000.64. Following the acquisition, the director now owns 656,150 shares in the company, valued at approximately $839,872. The disclosure for this purchase can be found here. Insiders purchased a total of 908,438 shares of company stock worth $1,160,201 in the last ninety days. 28.50% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of FET. Quantamental Technologies LLC bought a new position in shares of Forum Energy Technologies in the 2nd quarter worth approximately $35,000. Alambic Investment Management L.P. purchased a new stake in Forum Energy Technologies in the 2nd quarter valued at about $60,000. Menta Capital LLC purchased a new stake in Forum Energy Technologies in the 2nd quarter valued at about $62,000. SG Americas Securities LLC raised its holdings in Forum Energy Technologies by 77.8% in the 3rd quarter. SG Americas Securities LLC now owns 25,896 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 11,332 shares during the period. Finally, Capital Fund Management S.A. lifted its position in Forum Energy Technologies by 33.8% in the second quarter. Capital Fund Management S.A. now owns 35,600 shares of the oil and gas company’s stock valued at $122,000 after buying an additional 9,000 shares during the last quarter. Hedge funds and other institutional investors own 80.90% of the company’s stock.

About Forum Energy Technologies

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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