Forum Energy Technologies (NYSE:FET) Announces Earnings Results, Beats Expectations By $0.29 EPS

Forum Energy Technologies (NYSE:FET) issued its quarterly earnings results on Thursday. The oil and gas company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.29, FiscalAI reports. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The firm had revenue of $236.81 million for the quarter, compared to analyst estimates of $233.35 million.

Forum Energy Technologies Stock Down 4.8%

Shares of FET stock traded down $4.28 on Friday, hitting $84.48. The stock had a trading volume of 84,849 shares, compared to its average volume of 195,862. The company has a market cap of $950.46 million, a PE ratio of -562.16, a P/E/G ratio of 2.83 and a beta of 0.68. The business has a 50 day moving average price of $82.45 and a 200 day moving average price of $62.54. The company has a quick ratio of 1.13, a current ratio of 2.19 and a debt-to-equity ratio of 0.49. Forum Energy Technologies has a one year low of $26.00 and a one year high of $91.99.

Insider Transactions at Forum Energy Technologies

In related news, SVP Michael Danford sold 1,500 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total transaction of $118,365.00. Following the transaction, the senior vice president directly owned 52,639 shares of the company’s stock, valued at $4,153,743.49. This represents a 2.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Ivascu sold 5,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $70.63, for a total value of $353,150.00. Following the completion of the transaction, the executive vice president owned 85,512 shares of the company’s stock, valued at $6,039,712.56. This trade represents a 5.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 16,500 shares of company stock valued at $1,328,273 over the last quarter. 7.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on FET. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 23rd. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce”.

About Forum Energy Technologies

Forum Energy Technologies, Inc (NYSE:FET) is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.

Forum’s product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.