Forum Energy Technologies Inc (FET) Releases Earnings Results, Beats Expectations By $0.07 EPS

Forum Energy Technologies Inc (FET) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $-0.19 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.07. Analysts had a consensus of $-0.26. The company posted revenue of $142.80 million in the period, compared to analysts expectations of $142.10 million. The company’s revenue was down -49.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS.

Many Wall Street Analysts have commented on Forum Energy Technologies Inc. Forum Energy Technologies Inc was Upgraded by Credit Suisse to ” Outperform” on Jul 18, 2016. Forum Energy Technologies Inc was Downgraded by JP Morgan to ” Underweight” on Jul 12, 2016. Company shares were Reiterated by Scotia Howard Weil on Jun 16, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 19 from a previous price target of $16 .

Forum Energy Technologies Inc closed down -0.13 points or -0.85% at $15.09 with 7,01,140 shares getting traded on Thursday. Post opening the session at $15.21, the shares hit an intraday low of $15.04 and an intraday high of $15.5 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

In a different news, on Sep 8, 2015, Evelyn M Angelle (director) purchased 26,000 shares at $15.00 per share price. According to the SEC, on Jul 31, 2015, Terence M Otoole (director) purchased 200,000 shares at $15.18 per share price.

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. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration development production and transportation of oil and natural gas. Its capital products are targeted at drilling rig equipment for rigs upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on producing wells and downstream capital projects. Its engineered systems are components used on drilling rigs or in the course of subsea operations while its consumable products are used to maintain operations at well sites in the well construction process within the supporting infrastructure and at processing centers and refineries. Its segments are Drilling & Subsea and Production & Infrastructure.

Forum Energy Technologies Inc

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