Forum Energy Technologies (NYSE:FET) Releases Earnings Results, Beats Expectations By $0.29 EPS

Key Points

• Forum Energy Technologies beat quarterly expectations: The oilfield-equipment company reported $1.51 in EPS, $0.29 above estimates, while revenue of $236.81 million also exceeded forecasts.
• Shares fell 2.4% to $88.76 despite the earnings beat, though the stock remains near its 52-week high of $91.99 and well above its 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: Recent ratings include a downgrade to “hold” and a “sell” rating, giving the stock an overall “Reduce” consensus. Insiders have sold 16,500 shares worth about $1.33 million over the past 90 days.

Forum Energy Technologies (NYSE:FET - Get Free Report) released its quarterly earnings data on Thursday. The oil and gas company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.22 by $0.29, FiscalAI reports. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. The business had revenue of $236.81 million for the quarter, compared to analyst estimates of $233.35 million.

Forum Energy Technologies Trading Down 2.4%

Shares of NYSE FET traded down $2.15 during midday trading on Thursday, hitting $88.76. The stock had a trading volume of 155,872 shares, compared to its average volume of 196,479. Forum Energy Technologies has a fifty-two week low of $26.00 and a fifty-two week high of $91.99. The firm has a market cap of $998.19 million, a P/E ratio of -591.69, a price-to-earnings-growth ratio of 2.72 and a beta of 0.68. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 1.13. The company's 50-day simple moving average is $82.30 and its 200 day simple moving average is $62.30.

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Danford sold 1,500 shares of Forum Energy Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the transaction, the senior vice president owned 52,639 shares in the company, valued at $4,153,743.49. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John C. Ivascu sold 4,300 shares of the business's stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $90.14, for a total value of $387,602.00. Following the sale, the executive vice president owned 75,512 shares in the company, valued at approximately $6,806,651.68. This trade represents a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 16,500 shares of company stock worth $1,328,273. 7.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Forum Energy Technologies in a research report on Thursday, October 15th. Zacks Research cut shares of Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 23rd. Finally, Wall Street Zen raised Forum Energy Technologies from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Reduce".

About Forum Energy Technologies

Forum Energy Technologies, Inc NYSE: FET is a global manufacturer of oilfield and industrial equipment serving the exploration, development and production segments of the energy industry. The company designs and supplies products used in drilling, well completion, production and subsea operations.

Forum's product offerings include drilling and downhole tools, drilling motors, wireline and well-intervention equipment, pressure-control systems, hydraulic-fracturing and stimulation equipment, artificial-lift products, and subsea remotely operated vehicle systems.

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