Sunday, September 27, 2020

Piper Sandler lifts Forum Energy Technologies Inc. [FET] price estimate. Who else is bullish?

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Forum Energy Technologies Inc. [NYSE: FET] slipped around -0.03 points on Tuesday, while shares priced at $0.52 at the close of the session, down -5.28%. The company report on August 6, 2020 that Forum Energy Technologies Announces Second Quarter 2020 Results.

Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2020 revenue of $113 million, a decrease of $69 million from the first quarter 2020. Net loss for the quarter was $5 million, or $0.05 per diluted share, compared to a net loss of $37 million, or $0.33 per diluted share, for the first quarter 2020. Excluding $27 million, or $0.24 per share of special items, adjusted net loss was $0.29 per diluted share in the second quarter 2020, compared to an adjusted net loss of $0.20 per diluted share in the first quarter 2020. Adjusted EBITDA was $(11.6) million in the second quarter 2020, a decrease of approximately $16.1 million from the first quarter 2020.

Special items in the second quarter 2020, on a pre-tax basis, included a $36 million gain on extinguishment of debt, repurchased by the company at a substantial discount, partially offset by $4 million of restructuring and other charges, $4 million of inventory and other impairments and $1 million of foreign exchange losses. See Tables 1-3 for a reconciliation of GAAP to non-GAAP financial information.

Forum Energy Technologies Inc. stock is now -69.15% down from its year-to-date (YTD) trading value. FET Stock saw the intraday high of $0.548 and lowest of $0.51 per share. The company’s 52-week high price is 2.23, which means current price is +245.24% above from all time high which was touched on 01/07/20.

Compared to the average trading volume of 4.69M shares, FET reached a trading volume of 1028772 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Forum Energy Technologies Inc. [FET]?

Piper Sandler have made an estimate for Forum Energy Technologies Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 30, 2020. The new note on the price target was released on March 16, 2020, representing the official price target for Forum Energy Technologies Inc. stock. On March 11, 2020, analysts decreased their price target for FET shares from 2.70 to 0.20.

The Average True Range (ATR) for Forum Energy Technologies Inc. is set at 0.06, with the Price to Sales ratio for FET stock in the period of the last 12 months amounting to 0.08. The Price to Book ratio for the last quarter was 0.13, with the Price to Cash per share for the same quarter was set at 0.98. Price to Free Cash Flow for FET in the course of the last twelve months was 1.07 with Quick ratio for the last quarter at 1.70.

How has FET stock performed recently?

Forum Energy Technologies Inc. [FET] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.55. With this latest performance, FET shares dropped by -1.73% in over the last four-week period, additionally sinking by -26.35% over the last 6 months – not to mention a drop of -61.33% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FET stock in for the last two-week period is set at 50.44, with the RSI for the last a single of trading hit 46.65, and the three-weeks RSI is set at 50.37 for Forum Energy Technologies Inc. [FET]. The present Moving Average for the last 50 days of trading for this stock 0.4941, while it was recorded at 0.5578 for the last single week of trading, and 0.7416 for the last 200 days.

Forum Energy Technologies Inc. [FET]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Forum Energy Technologies Inc. [FET] shares currently have an operating margin of -0.72 and a Gross Margin at +25.60. Forum Energy Technologies Inc.’s Net Margin is presently recorded at -59.28.

Return on Total Capital for FET is now -0.55, given the latest momentum, and Return on Invested Capital for the company is -45.68. Return on Equity for this stock declined to -74.80, with Return on Assets sitting at -37.93. When it comes to the capital structure of this company, Forum Energy Technologies Inc. [FET] has a Total Debt to Total Equity ratio set at 95.07. Additionally, FET Total Debt to Total Capital is recorded at 48.74, with Total Debt to Total Assets ending up at 39.83. Long-Term Debt to Equity for the company is recorded at 92.34, with the Long-Term Debt to Total Capital now at 47.34.

Reflecting on the efficiency of the workforce at the company, Forum Energy Technologies Inc. [FET] managed to generate an average of -$246,547 per employee. Receivables Turnover for the company is 5.09 with a Total Asset Turnover recorded at a value of 0.64.Forum Energy Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.70 and a Current Ratio set at 4.20.

Earnings analysis for Forum Energy Technologies Inc. [FET]

With the latest financial reports released by the company, Forum Energy Technologies Inc. posted 0.02/share EPS, while the average EPS was predicted by analysts to be reported at -0.05/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 140.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FET.

Insider trade positions for Forum Energy Technologies Inc. [FET]

There are presently around $27 million, or 48.60% of FET stock, in the hands of institutional investors. The top three institutional holders of FET stocks are: SCF PARTNERS, INC. with ownership of 17,780,755, which is approximately 0% of the company’s market cap and around 7.10% of the total institutional ownership; WELLS FARGO & COMPANY/MN, holding 4,889,107 shares of the stock with an approximate value of $2.53 million in FET stocks shares; and DIMENSIONAL FUND ADVISORS LP, currently with $2.01 million in FET stock with ownership of nearly -27.59% of the company’s market capitalization.

Positions in Forum Energy Technologies Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 24 institutional holders increased their position in Forum Energy Technologies Inc. [NYSE:FET] by around 7,124,608 shares. Additionally, 61 investors decreased positions by around 25,153,718 shares, while 14 investors held positions by with 20,780,226 shares. The mentioned changes placed institutional holdings at 53,058,552 shares, according to the latest SEC report filing. FET stock had 11 new institutional investments in for a total of 4,111,068 shares, while 34 institutional investors sold positions of 7,868,855 shares during the same period.

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