Forum Energy Technologies Inc (NYSE:FET) – Analysts at Capital One Financial dropped their FY2019 EPS estimates for Forum Energy Technologies in a report released on Monday. Capital One Financial analyst J. Gibney now forecasts that the oil and gas company will post earnings of $0.51 per share for the year, down from their previous estimate of $0.52. Capital One Financial has a “Overweight” rating on the stock.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.01). The company had revenue of $247.70 million for the quarter, compared to the consensus estimate of $249.85 million. Forum Energy Technologies had a negative net margin of 6.99% and a negative return on equity of 3.11%. The company’s quarterly revenue was up 68.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) EPS.
Several other research firms have also recently issued reports on FET. Zacks Investment Research cut shares of Forum Energy Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Cowen set a $13.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 11th. Jefferies Group set a $17.00 target price on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 4th. Barclays reissued a “hold” rating and issued a $17.00 target price on shares of Forum Energy Technologies in a report on Sunday, November 5th. Finally, B. Riley set a $13.00 target price on shares of Forum Energy Technologies and gave the company a “neutral” rating in a report on Monday. 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 company’s stock. The company has an average rating of “Hold” and an average price target of $16.50.
Forum Energy Technologies (FET) traded up $0.12 during trading on Wednesday, hitting $12.07. 1,139,110 shares of the stock traded hands, compared to its average volume of 1,323,522. The company has a market capitalization of $1,324.18, a PE ratio of -18.38 and a beta of 1.70. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.76 and a current ratio of 3.74. Forum Energy Technologies has a 52-week low of $10.05 and a 52-week high of $23.00.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Nationwide Fund Advisors boosted its stake in Forum Energy Technologies by 1.7% during the second quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock worth $1,040,000 after buying an additional 1,083 shares during the period. Goldman Sachs Group Inc. boosted its stake in Forum Energy Technologies by 69.7% during the second quarter. Goldman Sachs Group Inc. now owns 186,810 shares of the oil and gas company’s stock worth $2,915,000 after buying an additional 76,721 shares during the period. State Street Corp boosted its stake in Forum Energy Technologies by 10.8% during the second quarter. State Street Corp now owns 1,770,754 shares of the oil and gas company’s stock worth $27,626,000 after buying an additional 172,953 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Forum Energy Technologies by 15.8% during the second quarter. TIAA CREF Investment Management LLC now owns 185,211 shares of the oil and gas company’s stock worth $2,889,000 after buying an additional 25,267 shares during the period. Finally, Contrarius Investment Management Ltd purchased a new position in Forum Energy Technologies during the third quarter worth $3,883,000. 95.12% of the stock is owned by institutional investors.
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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.
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