Forum Energy Technologies Inc Forecasted to Post Q3 2019 Earnings of ($0.05) Per Share (NYSE:FET)

Forum Energy Technologies Inc (NYSE:FET) – Equities researchers at B. Riley lowered their Q3 2019 earnings per share estimates for shares of Forum Energy Technologies in a research report issued on Tuesday, July 30th. B. Riley analyst T. Curran now forecasts that the oil and gas company will earn ($0.05) per share for the quarter, down from their prior estimate of ($0.03). B. Riley currently has a “Hold” rating and a $4.00 target price on the stock. B. Riley also issued estimates for Forum Energy Technologies’ Q4 2019 earnings at ($0.05) EPS, FY2019 earnings at ($0.22) EPS, Q1 2020 earnings at ($0.03) EPS, Q2 2020 earnings at ($0.02) EPS and FY2020 earnings at ($0.02) EPS.

Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.03). The business had revenue of $245.60 million during the quarter, compared to analyst estimates of $254.91 million. Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.19%. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.01) earnings per share.

A number of 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 “strong sell” rating in a research note on Friday, July 26th. Gabelli lowered shares of Forum Energy Technologies from a “buy” rating to a “hold” rating in a report on Monday, July 29th. ValuEngine raised shares of Forum Energy Technologies from a “sell” rating to a “hold” rating in a report on Thursday. Barclays lowered their price target on shares of Forum Energy Technologies from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Tuesday, April 9th. Finally, Citigroup lowered their price target on shares of Forum Energy Technologies from $5.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $7.89.

Shares of FET opened at $2.06 on Thursday. The company has a market capitalization of $287.96 million, a PE ratio of 103.00 and a beta of 2.33. The company has a current ratio of 3.18, a quick ratio of 1.16 and a debt-to-equity ratio of 0.53. Forum Energy Technologies has a 12 month low of $2.04 and a 12 month high of $12.85. The business’s 50-day simple moving average is $2.93.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in Forum Energy Technologies by 25.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 9,083 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 1,833 shares during the period. Citigroup Inc. grew its holdings in Forum Energy Technologies by 588.6% during the 4th quarter. Citigroup Inc. now owns 12,181 shares of the oil and gas company’s stock worth $50,000 after acquiring an additional 10,412 shares during the period. Pearl River Capital LLC acquired a new stake in Forum Energy Technologies during the 1st quarter worth $70,000. Keystone Financial Group acquired a new stake in Forum Energy Technologies during the 1st quarter worth $77,000. Finally, Commerce Bank grew its holdings in Forum Energy Technologies by 16.9% during the 1st quarter. Commerce Bank now owns 15,980 shares of the oil and gas company’s stock worth $82,000 after acquiring an additional 2,310 shares during the period. 90.45% of the stock is owned by hedge funds and other institutional investors.

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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