DA Davidson Comments on Forum Energy Technologies Inc.’s Q3 2016 Earnings (FET)
Forum Energy Technologies Inc. (NYSE:FET) – Equities researchers at DA Davidson issued their Q3 2016 earnings per share estimates for Forum Energy Technologies in a report released on Wednesday. DA Davidson analyst S. Randhawa forecasts that the firm will post earnings of ($0.19) per share for the quarter. DA Davidson currently has a “Buy” rating and a $25.00 target price on the stock. DA Davidson also issued estimates for Forum Energy Technologies’ Q4 2016 earnings at ($0.17) EPS, FY2016 earnings at ($0.77) EPS, Q1 2017 earnings at ($0.13) EPS, Q2 2017 earnings at ($0.13) EPS, Q3 2017 earnings at ($0.02) EPS, Q4 2017 earnings at $0.03 EPS, FY2017 earnings at ($0.26) EPS and FY2018 earnings at $0.57 EPS.
FET has been the topic of several other research reports. Citigroup Inc. decreased their price objective on Forum Energy Technologies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 3rd. Credit Suisse Group AG upgraded Forum Energy Technologies from a “neutral” rating to an “outperform” rating and set a $18.00 price objective on the stock in a report on Monday, July 18th. Jefferies Group decreased their price objective on Forum Energy Technologies from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Monday, July 11th. Capital One Financial Corp. restated an “equal weight” rating on shares of Forum Energy Technologies in a report on Friday, July 29th. Finally, Iberia Capital upgraded Forum Energy Technologies from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $18.00 to $21.00 in a report on Monday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $17.75.
Shares of Forum Energy Technologies (NYSE:FET) opened at 21.25 on Monday. The firm’s 50-day moving average price is $18.48 and its 200 day moving average price is $16.58. The stock’s market cap is $1.93 billion. Forum Energy Technologies has a one year low of $8.47 and a one year high of $21.70.
Forum Energy Technologies (NYSE:FET) last issued its quarterly earnings results on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The company had revenue of $142.80 million for the quarter, compared to the consensus estimate of $143.17 million. During the same quarter in the prior year, the business earned $0.16 EPS. Forum Energy Technologies’s revenue was down 49.8% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FET. Dimensional Fund Advisors LP increased its position in Forum Energy Technologies by 42.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,697,698 shares of the company’s stock worth $64,004,000 after buying an additional 1,095,172 shares in the last quarter. TimesSquare Capital Management LLC increased its position in Forum Energy Technologies by 30.2% in the first quarter. TimesSquare Capital Management LLC now owns 2,580,500 shares of the company’s stock worth $34,063,000 after buying an additional 598,800 shares in the last quarter. TPH Asset Management LLC purchased a new position in Forum Energy Technologies during the first quarter worth approximately $7,220,000. Eagle Asset Management Inc. increased its position in Forum Energy Technologies by 712.9% in the second quarter. Eagle Asset Management Inc. now owns 566,348 shares of the company’s stock worth $9,803,000 after buying an additional 496,675 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in Forum Energy Technologies during the second quarter worth approximately $7,980,000.
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. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.
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