Forum Energy Technologies (NYSE:FET) Announces Earnings Results
Forum Energy Technologies (NYSE:FET) announced its quarterly earnings results on Thursday. The oil and gas company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03), Briefing.com reports. Forum Energy Technologies had a negative net margin of 38.63% and a negative return on equity of 0.19%. The company had revenue of $245.60 million during the quarter, compared to the consensus estimate of $254.91 million. During the same period in the previous year, the firm posted ($0.01) EPS. The business’s quarterly revenue was down 10.4% compared to the same quarter last year.
Shares of FET stock traded up $0.07 during trading on Friday, reaching $2.38. The company’s stock had a trading volume of 2,749,331 shares, compared to its average volume of 1,065,121. The firm’s fifty day moving average is $3.10. The company has a current ratio of 3.18, a quick ratio of 1.16 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $253.89 million, a P/E ratio of 119.00 and a beta of 2.33. Forum Energy Technologies has a one year low of $2.25 and a one year high of $13.25.
A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Green Plains Partners from a “buy” rating to a “hold” rating in a research note on Friday. Barclays set a $192.00 price target on shares of Tesla and gave the company a “sell” rating in a research note on Tuesday, April 9th. Piper Jaffray Companies set a $55.00 price target on shares of Pacira Biosciences and gave the company a “buy” rating in a research note on Tuesday, April 9th. Bank of America reaffirmed an “underperform” rating and issued a $1.25 price target (down previously from $4.50) on shares of Superior Energy Services in a research note on Tuesday, June 25th. Finally, B. Riley set a $18.00 price target on shares of TiVo and gave the company a “buy” rating in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $8.34.
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.
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