Brokerages Expect Forum Energy Technologies, Inc. (NYSE:FET) Will Post Quarterly Sales of $219.07 Million
Equities analysts expect that Forum Energy Technologies, Inc. (NYSE:FET) will report $219.07 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Forum Energy Technologies’ earnings, with the lowest sales estimate coming in at $212.30 million and the highest estimate coming in at $222.50 million. Forum Energy Technologies posted sales of $138.30 million in the same quarter last year, which suggests a positive year-over-year growth rate of 58.4%. The company is expected to announce its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that Forum Energy Technologies will report full year sales of $219.07 million for the current fiscal year, with estimates ranging from $803.93 million to $865.00 million. For the next financial year, analysts expect that the company will report sales of $1.02 billion per share, with estimates ranging from $948.10 million to $1.14 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. Forum Energy Technologies had a negative net margin of 18.89% and a negative return on equity of 4.55%. The firm had revenue of $201.10 million during the quarter, compared to analyst estimates of $194.16 million.
FET has been the subject of a number of analyst reports. Wolfe Research lowered Forum Energy Technologies from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $24.00 to $21.00 in a research note on Monday, April 17th. Deutsche Bank AG reissued a “buy” rating and set a $25.00 price objective (down previously from $26.00) on shares of Forum Energy Technologies in a research note on Tuesday, May 30th. BidaskClub lowered Forum Energy Technologies from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Societe Generale initiated coverage on Forum Energy Technologies in a research note on Wednesday, June 7th. They set a “buy” rating and a $20.00 price objective for the company. Finally, Jefferies Group LLC set a $22.00 price objective on Forum Energy Technologies and gave the company a “hold” rating in a research note on Thursday, April 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $20.50.
A number of institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its position in Forum Energy Technologies by 167.4% in the fourth quarter. AQR Capital Management LLC now owns 40,333 shares of the oil and gas company’s stock worth $887,000 after buying an additional 25,248 shares during the period. Norges Bank purchased a new position in Forum Energy Technologies during the fourth quarter worth about $19,409,000. Teachers Advisors LLC increased its position in Forum Energy Technologies by 1.9% in the fourth quarter. Teachers Advisors LLC now owns 98,747 shares of the oil and gas company’s stock worth $2,172,000 after buying an additional 1,800 shares during the period. Fox Run Management L.L.C. purchased a new position in Forum Energy Technologies during the first quarter worth about $306,000. Finally, Hillman Co. increased its position in Forum Energy Technologies by 14.3% in the first quarter. Hillman Co. now owns 2,325,810 shares of the oil and gas company’s stock worth $48,145,000 after buying an additional 290,558 shares during the period.
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Forum Energy Technologies (NYSE FET) opened at 12.60 on Wednesday. Forum Energy Technologies has a 12-month low of $12.38 and a 12-month high of $26.25. The firm’s 50-day moving average is $15.00 and its 200 day moving average is $18.28. The company’s market cap is $1.21 billion.
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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