Forum Energy Technologies (FET) Shares Gap Down After Earnings Miss

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.

Hedge funds have recently modified their holdings of the stock. Nationwide Fund Advisors boosted its holdings in Forum Energy Technologies by 1.7% in the second quarter. Nationwide Fund Advisors now owns 66,648 shares of the oil and gas company’s stock worth $1,040,000 after purchasing an additional 1,083 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Forum Energy Technologies by 69.7% in the second quarter. Goldman Sachs Group Inc. now owns 186,810 shares of the oil and gas company’s stock worth $2,915,000 after purchasing an additional 76,721 shares during the last quarter. State Street Corp boosted its holdings in Forum Energy Technologies by 10.8% in the second quarter. State Street Corp now owns 1,770,754 shares of the oil and gas company’s stock worth $27,626,000 after purchasing an additional 172,953 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Forum Energy Technologies by 15.8% in the second quarter. TIAA CREF Investment Management LLC now owns 185,211 shares of the oil and gas company’s stock worth $2,889,000 after purchasing an additional 25,267 shares during the last quarter. Finally, Contrarius Investment Management Ltd purchased a new stake in Forum Energy Technologies in the third quarter worth approximately $3,883,000. Institutional investors own 96.25% of the company’s stock.

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.

ILLEGAL ACTIVITY WARNING: This article was first published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this article on another domain, it was stolen and reposted in violation of United States & international copyright and trademark law. The original version of this article can be read at https://www.com-unik.info/2018/02/10/forum-energy-technologies-fet-shares-gap-down-after-earnings-miss.html.

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.

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.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit