Forum Energy Technologies Inc (NYSE:FET) Expected to Announce Quarterly Sales of $246.17 Million
Equities research analysts expect Forum Energy Technologies Inc (NYSE:FET) to announce $246.17 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Forum Energy Technologies’ earnings, with the highest sales estimate coming in at $248.20 million and the lowest estimate coming in at $244.20 million. Forum Energy Technologies posted sales of $267.00 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 7.8%. The company is scheduled to report its next earnings report on Monday, November 4th.
According to Zacks, analysts expect that Forum Energy Technologies will report full year sales of $1.01 billion for the current financial year, with estimates ranging from $994.40 million to $1.03 billion. For the next fiscal year, analysts expect that the company will report sales of $1.04 billion, with estimates ranging from $997.27 million to $1.10 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Forum Energy Technologies.
Forum Energy Technologies (NYSE:FET) last announced 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 consensus estimate of ($0.05) by ($0.03). The company had revenue of $245.60 million for the quarter, compared to analyst estimates of $254.91 million. Forum Energy Technologies had a negative return on equity of 0.20% and a negative net margin of 38.63%. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.01) earnings per share.
Shares of NYSE:FET traded up $0.12 during trading on Friday, hitting $1.83. 1,434,102 shares of the company were exchanged, compared to its average volume of 1,210,580. The business’s 50 day moving average is $2.32 and its 200-day moving average is $4.43. The company has a market capitalization of $166.67 million, a P/E ratio of 91.50 and a beta of 2.31. The company has a quick ratio of 1.15, a current ratio of 3.25 and a debt-to-equity ratio of 0.52. Forum Energy Technologies has a 1-year low of $1.37 and a 1-year high of $12.80.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in Forum Energy Technologies by 10.4% during the 4th quarter. Bank of New York Mellon Corp now owns 603,368 shares of the oil and gas company’s stock worth $2,493,000 after acquiring an additional 56,676 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Forum Energy Technologies by 6.0% in the fourth quarter. Geode Capital Management LLC now owns 799,256 shares of the oil and gas company’s stock valued at $3,300,000 after buying an additional 45,195 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Forum Energy Technologies by 98.8% in the fourth quarter. Squarepoint Ops LLC now owns 44,137 shares of the oil and gas company’s stock valued at $182,000 after buying an additional 21,937 shares during the period. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Forum Energy Technologies by 347.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 25,979 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 20,170 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of Forum Energy Technologies by 5.7% in the fourth quarter. Legal & General Group Plc now owns 29,023 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 1,577 shares during the period. 86.99% of the stock is currently owned by institutional investors and hedge funds.
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.
Featured Story: Understanding Compound Annual Growth Rate (CAGR)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Forum Energy Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forum Energy Technologies and related companies with MarketBeat.com's FREE daily email newsletter.