Forum Energy Technologies (NYSE:FET) Posts Earnings Results, Beats Estimates By $0.59 EPS

Key Points

• Forum Energy Technologies beat quarterly earnings expectations: EPS came in at $1.16 versus the $0.57 consensus, while revenue reached $226.22 million, ahead of estimates of $212.35 million.
• Shares rose 1.0% to $51.64 following the results. The company reported a negative net margin of 0.78%, despite a positive 4.15% return on equity.
• Analyst sentiment remains cautious: recent rating changes included downgrades to “buy” and “hold,” while the consensus rating is “Reduce.” Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies (NYSE:FET - Get Free Report) posted its quarterly earnings data on Thursday. The oil and gas company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.59, FiscalAI reports. Forum Energy Technologies had a negative net margin of 0.78% and a positive return on equity of 4.15%. The firm had revenue of $226.22 million during the quarter, compared to analysts' expectations of $212.35 million.

Forum Energy Technologies Stock Up 1.0%

Shares of FET stock traded up $0.53 during trading on Thursday, reaching $51.64. The company's stock had a trading volume of 141,166 shares, compared to its average volume of 196,023. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. The company has a market capitalization of $583.53 million, a price-to-earnings ratio of -87.52, a P/E/G ratio of 3.04 and a beta of 0.54. The stock's 50-day moving average price is $51.99 and its 200 day moving average price is $53.43. Forum Energy Technologies has a 1-year low of $18.12 and a 1-year high of $65.43.

Insiders Place Their Bets

In other Forum Energy Technologies news, SVP Michael Dewayne Danford sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $55.49, for a total transaction of $166,470.00. Following the sale, the senior vice president directly owned 54,139 shares in the company, valued at $3,004,173.11. This represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Forum Energy Technologies

Several institutional investors have recently modified their holdings of FET. IES Holdings Inc. acquired a new stake in shares of Forum Energy Technologies in the fourth quarter valued at $20,107,000. AQR Capital Management LLC boosted its holdings in Forum Energy Technologies by 1,327.5% in the fourth quarter. AQR Capital Management LLC now owns 146,203 shares of the oil and gas company's stock valued at $5,402,000 after purchasing an additional 135,961 shares during the period. JPMorgan Chase & Co. grew its stake in Forum Energy Technologies by 204.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 161,596 shares of the oil and gas company's stock worth $3,146,000 after purchasing an additional 108,490 shares in the last quarter. Invesco Ltd. grew its stake in Forum Energy Technologies by 461.5% during the 4th quarter. Invesco Ltd. now owns 100,209 shares of the oil and gas company's stock worth $3,703,000 after purchasing an additional 82,363 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in Forum Energy Technologies during the 4th quarter worth about $3,041,000. Institutional investors and hedge funds own 65.60% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. Wall Street Zen downgraded Forum Energy Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Zacks Research downgraded Forum Energy Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce".

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company's offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.

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