Forum Energy Technologies Inc (NYSE:FET)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $15.30, but opened at $13.90. Forum Energy Technologies shares last traded at $11.75, with a volume of 7232711 shares trading hands.
The oil and gas company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.01). Forum Energy Technologies had a negative net margin of 16.85% and a negative return on equity of 3.97%. The firm had revenue of $247.70 million for the quarter, compared to analysts’ expectations of $249.85 million. During the same quarter in the previous year, the company earned ($0.16) EPS. The company’s quarterly revenue was up 68.4% compared to the same quarter last year.
A number of equities research analysts have recently commented on FET shares. Zacks Investment Research upgraded shares of Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Monday, October 16th. Barclays reiterated a “hold” rating and set a $17.00 price target on shares of Forum Energy Technologies in a report on Sunday, November 5th. Cowen set a $13.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 11th. Jefferies Group set a $17.00 price target on shares of Forum Energy Technologies and gave the company a “hold” rating in a report on Thursday, January 4th. Finally, Capital One Financial upgraded shares of Forum Energy Technologies from an “equal weight” rating to an “overweight” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Forum Energy Technologies has an average rating of “Hold” and a consensus target price of $17.93.
The company has a quick ratio of 1.76, a current ratio of 3.74 and a debt-to-equity ratio of 0.34. The company has a market cap of $1,270.00, a price-to-earnings ratio of -9.33 and a beta of 1.70.
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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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