Q3 2017 Earnings Estimate for Forum Energy Technologies, Inc. (FET) Issued By Jefferies Group
Forum Energy Technologies, Inc. (NYSE:FET) – Stock analysts at Jefferies Group dropped their Q3 2017 earnings estimates for shares of Forum Energy Technologies in a note issued to investors on Monday. Jefferies Group analyst B. Handler now anticipates that the oil and gas company will post earnings of ($0.10) per share for the quarter, down from their prior forecast of ($0.06). Jefferies Group currently has a “Hold” rating and a $17.00 price target on the stock. Jefferies Group also issued estimates for Forum Energy Technologies’ FY2017 earnings at ($0.33) EPS.
Other equities research analysts also recently issued reports about the company. Barclays PLC downgraded Forum Energy Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $24.00 to $16.00 in a research report on Wednesday, July 12th. Cowen and Company restated a “hold” rating and set a $15.00 price objective on shares of Forum Energy Technologies in a research report on Tuesday, July 11th. BidaskClub upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Guggenheim downgraded Forum Energy Technologies from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 27th. Finally, Zacks Investment Research upgraded Forum Energy Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $18.56.
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Forum Energy Technologies (NYSE FET) opened at 13.70 on Wednesday. The stock’s market capitalization is $1.32 billion. The company’s 50 day moving average price is $14.06 and its 200-day moving average price is $15.26. Forum Energy Technologies has a one year low of $10.05 and a one year high of $26.25.
Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.01. The company had revenue of $201.10 million for the quarter, compared to analysts’ expectations of $194.16 million. Forum Energy Technologies had a negative return on equity of 4.55% and a negative net margin of 18.89%.
A number of large investors have recently made changes to their positions in FET. Ameritas Investment Partners Inc. bought a new position in Forum Energy Technologies in the first quarter worth approximately $107,000. Cutler Group LP grew its stake in Forum Energy Technologies by 22.8% in the second quarter. Cutler Group LP now owns 7,000 shares of the oil and gas company’s stock worth $109,000 after purchasing an additional 1,300 shares in the last quarter. D.A. Davidson & CO. bought a new position in Forum Energy Technologies in the second quarter worth approximately $116,000. Independent Portfolio Consultants Inc. grew its stake in Forum Energy Technologies by 1,150.8% in the second quarter. Independent Portfolio Consultants Inc. now owns 7,505 shares of the oil and gas company’s stock worth $117,000 after purchasing an additional 6,905 shares in the last quarter. Finally, QS Investors LLC grew its stake in Forum Energy Technologies by 205.7% in the second quarter. QS Investors LLC now owns 8,323 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 5,600 shares in the last quarter. 95.64% of the stock is currently owned by institutional investors.
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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