Forum Energy Technologies (NYSE:FET) Announces Quarterly Earnings Results, Beats Estimates By $0.29 EPS

Forum Energy Technologies (NYSE:FET) posted its quarterly earnings results on Thursday. The oil and gas company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $233.35 million.

Forum Energy Technologies Stock Down 2.4%

NYSE:FET traded down $2.15 on Thursday, reaching $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 12-month low of $26.00 and a 12-month high of $91.99. The company has a current ratio of 2.19, a quick ratio of 1.13 and a debt-to-equity ratio of 0.49. The stock 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 50-day moving average of $82.30 and a 200 day moving average of $62.30.

Insider Buying and Selling

In related news, SVP Michael Danford sold 1,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $78.91, for a total value of $118,365.00. Following the completion of the transaction, the senior vice president directly owned 52,639 shares of the company’s stock, valued at $4,153,743.49. This represents a 2.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John C. Ivascu sold 4,300 shares of Forum Energy Technologies 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 transaction, the executive vice president directly owned 75,512 shares in the company, valued at approximately $6,806,651.68. The trade was a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,500 shares of company stock valued at $1,328,273 over the last quarter. Company insiders own 7.70% of the company’s stock.

Analyst Ratings Changes

FET has been the topic of several research analyst reports. Wall Street Zen raised Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Thursday, October 15th. Finally, Zacks Research lowered Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 23rd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus 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.