Franks International (NYSE:FI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Frank’s International N.V. is a provider of engineered tubular services to the oil and gas industry. Its tubular services include the handling and installation of multiple joints of pipe to establish a cased wellbore; and the installation of smaller diameter pipe inside a cased wellbore to provide a conduit for produced oil and gas to reach the surface. The Company provides its services to exploration and production companies in both offshore and onshore environments, with a focus on complex and technically demanding wells. Frank’s International N.V. is based in Amsterdam, the Netherlands. “
Other analysts also recently issued research reports about the stock. Royal Bank of Canada restated a “buy” rating and set a $11.00 price target on shares of Franks International in a report on Thursday, August 9th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $6.75 price objective on shares of Franks International in a research report on Friday, July 20th. Barclays reaffirmed a “hold” rating and set a $7.00 price objective on shares of Franks International in a research report on Monday, August 13th. UBS Group increased their price objective on shares of Franks International from $4.50 to $7.00 and gave the stock a “sell” rating in a research report on Friday, August 10th. Finally, Seaport Global Securities set a $8.00 price objective on shares of Franks International and gave the stock a “hold” rating in a research report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $8.29.
Shares of NYSE FI opened at $7.73 on Thursday. The company has a market cap of $1.79 billion, a PE ratio of -12.67 and a beta of 1.32. Franks International has a 1 year low of $4.93 and a 1 year high of $9.75.
Franks International (NYSE:FI) last announced its quarterly earnings results on Tuesday, November 6th. The pipeline company reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.05. The business had revenue of $129.00 million during the quarter, compared to the consensus estimate of $126.82 million. Franks International had a negative net margin of 37.17% and a negative return on equity of 12.75%. The business’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.11) EPS. Research analysts forecast that Franks International will post -0.45 earnings per share for the current fiscal year.
In other Franks International news, major shareholder Kendall Garrett Mosing sold 3,361,094 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $7.95, for a total value of $26,720,697.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Mosing Family Delaware Tr 2016 sold 360,277 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $8.28, for a total transaction of $2,983,093.56. Following the completion of the transaction, the insider now directly owns 575,540 shares of the company’s stock, valued at approximately $4,765,471.20. The disclosure for this sale can be found here. Insiders have sold a total of 5,591,560 shares of company stock valued at $45,728,414 in the last ninety days. 67.60% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. California Public Employees Retirement System boosted its position in Franks International by 89.7% in the 1st quarter. California Public Employees Retirement System now owns 28,069 shares of the pipeline company’s stock valued at $152,000 after buying an additional 13,269 shares during the period. Rhumbline Advisers raised its holdings in shares of Franks International by 52.0% in the 2nd quarter. Rhumbline Advisers now owns 70,914 shares of the pipeline company’s stock valued at $553,000 after purchasing an additional 24,262 shares in the last quarter. SeaBridge Investment Advisors LLC acquired a new stake in shares of Franks International in the 2nd quarter valued at $257,000. Swiss National Bank raised its holdings in shares of Franks International by 40.4% in the 2nd quarter. Swiss National Bank now owns 136,200 shares of the pipeline company’s stock valued at $1,062,000 after purchasing an additional 39,200 shares in the last quarter. Finally, Comerica Bank raised its holdings in shares of Franks International by 19.7% in the 2nd quarter. Comerica Bank now owns 301,848 shares of the pipeline company’s stock valued at $2,532,000 after purchasing an additional 49,734 shares in the last quarter. 34.11% of the stock is owned by institutional investors.
About Franks International
Frank's International N.V. provides various engineered tubular services for the oil and gas exploration and production, and oilfield services companies in the United States, Europe, the Middle East, Africa, Latin America, the Asia Pacific, and internationally. The company operates through four segments: International Services, U.S.
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