Short interest for Forum Energy Technologies gives investors a sense of the degree to which investors are betting on the decline of Forum Energy Technologies's stock. Short interest data is updated every two weeks.

Forum Energy Technologies Stock (NYSE:FET), Short Interest Report

Forum Energy Technologies

Forum Energy Technologies Inc is a products company, serving the oil, natural gas, industrial and renewable energy industries. The company designs, manufactures, and distributes products and engages in aftermarket parts supply and services that complement its product offering. Its products include engineered capital equipment, as well as products that are consumed in the drilling, well construction, production, and transportation of oil and natural gas. It operates in three reporting segments, namely drilling and downhole which is also its key revenue generating segment, completions, and production. Revenue largely comes from consumable products and activity-based equipment. Consumable products include valves, centrifugal pumps, mud pump fluid end components, rig sensors among others.

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Tokens associated with artificial intelligence soared on Wednesday as technology giant Nvidia Corp (NASDAQ:NVDA) reported a smashing fourth fiscal quarter, surpassing 

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The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies.

Top 5 Energy Stocks Which Could Rescue Your Portfolio This Month

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Tesla, Meta, Helix Energy, AMERISAFE, Forum Energy Technologies: Why These 5 Stocks Are Drawing Investors&#39; Attention Today

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Forum Energy Technologies Inc

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"Our 2024 market outlook remains unchanged. Therefore, we reaffirm our full year 2024 guidance of $100 to $120 million in adjusted EBITDA and free cash flow between $40 and $60 million. We anticipate second quarter adjusted EBITDA in the range of $24 to $28 million, with flat U.S. and international market activity, and lower Canadian demand due to the seasonal impact of break up."

Guidance

Forum Energy Technologies Reaffirms FY24 Adjusted EBITDA Guidance Of $100M-$120M And Free Cash Flow Between $40M-$60M; Anticipates Q2 Adjusted EBITDA In The Range Of $24M-$28M, With Flat U.S. And International Market Activity, And Lower Canadian Demand Due To The Seasonal Impact Of Break Up

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.12) per share which beat the analyst consensus estimate of $(0.20) by 40 percent. This is a 233.33 percent decrease over earnings of $0.09 per share from the same period last year. The company reported quarterly sales of $202.400 million which missed the analyst consensus estimate of $212.050 million by 4.55 percent. This is a 7.09 percent increase over sales of $189.000 million the same period last year.

Earnings Beats

Earnings Misses

Forum Energy Technologies Q1 2024 Adj EPS $(0.12) Beats $(0.20) Estimate, Sales $202.400M Miss $212.050M Estimate

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.39) per share. This is a 13.33 percent increase over losses of $(0.45) per share from the same period last year. The company reported $185.20 million in sales this quarter. This is a 2.88 percent decrease over sales of $190.70 million the same period last year.

Forum Energy Technologies Q4 Adj $(0.39) Up From $(0.45) YoY, Sales $185.20M Down From $190.70M YoY

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Earnings Scheduled For February 29, 2024

Tokens associated with artificial intelligence soared on Wednesday as technology giant Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) reported a smashing fourth fiscal <a href="https://www.benzinga.com/news/earnings/24/02/37247922/nvidia-q4-earnings-highlights-revenue-beat-eps-beat-q1-guidance-and-more">quarter</a>, surpassing Wall Street predictions for both earnings and revenue.&nbsp;
What Happened: The company&#8217;s announcement that revenue is expected to continue its upward trajectory in the current quarter added further fuel to the AI token rally.
Among the AI tokens capitalizing on the upbeat sentiment was Fetch.AI, with its token FET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fet/usd">FET</a>)&nbsp; jumping more than 5%. Other notable increases included SingularityNET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">AGIX</a>) which saw a 25% climb, and Render (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">RNDR</a>), which enjoyed a 7% uptick in the span of just 24 hours.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price</td>
</tr>
<tr>
<td>Fetch.AI　</td>
<td>+5%</td>
<td>$6.91</td>
</tr>
<tr>
<td>SingularityNET </td>
<td>+7%</td>
<td>$1.07</td>
</tr>
<tr>
<td>Render </td>
<td>+25%</td>
<td>$0.70</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">AI tokens experience market rally following Nvidia&#8217;s Q4 earnings uptick.</figcaption></figure>
Nvidia&#8217;s graphics processors, essential for developing these models, have helped secure its financial windfall. These advanced processors, particularly favored for server use, have become increasingly associated with AI development.
See More: <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35771375/dogecoin-hodlers-are-beating-shiba-inu-with-57-landing-in-profits-intotheblock-data-reveal?utm_campaign=partner_feed&amp;utm_source=InvestingUK&amp;utm_medium=partner_feed&amp;utm_content=cryptocurrency">Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals</a>
Why It Matters: The surge in AI token value followed Nvidia&#8217;s reporting of a net income of $12.29 billion for the quarter, converting to $4.93 per share. This marks a notable increase of 769% compared to last year's $1.41 billion, equivalent to 57 cents per share.
Despite the positive outcome for Nvidia and the crypto sector, Singapore-based QCP Capital in a note to clients, hinted at potential volatility: &#8220;A key event today that could trigger a wider correction is Nvidia earnings which will be released after the US close. As a major part of the S&amp;P500 Index, Nvidia&#8217;s performance could set the tone for US equities in the near-term.&#8221;
Price Action: As the trading day concluded on Wednesday, Nvidia shares saw a dramatic 9.2% leap to $736.93 in after-hours trading, following a slight 2.85% decline to close at $674.72 during regular trading hours, according to<a href="http://pro.benzinga.com"> data from Benzinga Pro.</a>
Photo by Matt Benzero on Shutterstock
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34195479/bitcoin-ethereum-dogecoin-trade-mixed-as-investors-weigh-august-job-report-analyst-predict"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34615277/heres-how-much-you-should-invest-in-shiba-inu-today-for-a-1m-payday-if-shib-hits-1-cent">Here&#8217;s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?</a>

First Quarter&nbsp;and Full Year 2024&nbsp;Guidance
<ul>
<li>First Quarter&nbsp;2024 Revenue and Adjusted EBITDA:&nbsp;$200&nbsp;to&nbsp;$220 million&nbsp;and&nbsp;$23&nbsp;to&nbsp;$27 million</li>
<li>2024 Adjusted EBITDA and Free cash flow:&nbsp;$100&nbsp;to&nbsp;$120 million&nbsp;and&nbsp;$40&nbsp;to&nbsp;$60 million</li>
</ul>

Reported Monday, Forum Energy Technologies Provides Q1 2024 Guidance: Expects Revenue Of $200M-$220M And Adjusted EBITDA Of $23M-$27M

Forum Energy Technologies&nbsp;delays the issuance of its&nbsp;fourth quarter&nbsp;and full year 2023 earnings release and investor conference call. Additional time is required to quantify, if any, the impact to income tax and net income from adjusting valuation allowance reserves in an international jurisdiction. No meaningful impact to revenue, adjusted EBITDA, or free cash flow is expected. FET expects to issue its&nbsp;fourth quarter&nbsp;and full year 2023 results and host its investor conference call around March 1, 2024.

Fourth quarter&nbsp;2023 revenue was&nbsp;$185 million, a&nbsp;$6 million&nbsp;increase from the&nbsp;third quarter. Adjusted EBITDA for the&nbsp;fourth quarter&nbsp;2023 is expected to be in the range of&nbsp;$15&nbsp;to&nbsp;$17 million. Free cash flow for the&nbsp;fourth quarter&nbsp;2023 was&nbsp;$9 million.

Reported Monday, Forum Energy Technologies Q4 Preliminary Results: Revenue $185M, A $6M Increase Qoq; Expects Adjusted EBITDA Of $15M-$17M

FET announced on November 2, 2023, its agreement to acquire Variperm Energy Services for consideration of $150 million of cash (subject to customary purchase price adjustments) and 2 million shares of FET's common stock, reflecting a valuation of approximately 3.7x Variperm's trailing twelve months EBITDA as of September 30, 2023. The acquisition is expected to be immediately accretive to FET's margins and cash flow. At closing, FET's net leverage ratio is expected to be 1.9x with liquidity of $142 million.

Forum Energy Technologies Announced That It Received Approval From The Canadian Competition Bureau To Proceed With Its Planned Acquisition Of Variperm Energy Services

Forum Energy Technologies has entered into a definitive agreement to acquire Variperm Energy Services (&quot;Variperm&quot;) for consideration of&nbsp;$150 million&nbsp;of cash and 2 million shares of FET&#39;s common stock, reflecting a valuation of approximately 3.7x Variperm&#39;s trailing twelve months EBITDA as of September 30, 2023. The transaction is expected to close in January 2024 and is subject to customary closing conditions and Canadian regulatory approval.
Combined Company Financial Highlights&nbsp;1
<ul>
<li>Revenue:&nbsp;$873 million, an increase of&nbsp;17%</li>
<li>Adjusted EBITDA:&nbsp;$121 million, an increase of&nbsp;77%</li>
<li>Adjusted EBITDA margin:&nbsp;14%, an increase of 470 basis points</li>
<li>Operating cash flow:&nbsp;$47 million, an increase of&nbsp;292%</li>
<li>Free cash flow:&nbsp;$70 million, an increase of&nbsp;84%</li>
</ul>
Mr. Lux continued, &quot;Importantly, our balance sheet remains strong following this transaction. At closing, we expect our net leverage ratio to be 1.9x with liquidity of&nbsp;$142 million. We expect this to provide ample capital to fund and grow the combined business. Consolidated 2024 free cash flow and EBITDA growth is expected to reduce net leverage to between 1.0x and 1.3x by the end of 2024.&quot;

Forum Energy Technologies Agrees To Acquire Variperm Energy Services For $150M Cash And 2M Shares Of FET's Common Stock

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly adjusted earnings of $0.05 per share. This is a 120 percent increase over losses of $(0.25) per share from the same period last year. The company reported $179.30 million in sales this quarter. This is a 1.38 percent decrease over sales of $181.80 million the same period last year.

Forum Energy Technologies Q3 Adj EPS $0.05 Up From $(0.25) YoY, Sales $179.30M Down From $181.80M YoY

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly earnings of $0.64 per share. This is a 356 percent increase over losses of $(0.25) per share from the same period last year. The company reported $185.00 million in sales this quarter. This is a 1.76 percent increase over sales of $181.80 million the same period last year.

Forum Energy Technologies Q3 EPS $0.64 Up From $(0.25) YoY, Sales $185.00M Up From $181.80M YoY

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly adjusted earnings of $0.09 per share, up&nbsp;over losses of $(1.98) per share from the same period last year. The company reported $189.00 million in sales this quarter. This is a 21.78 percent increase over sales of $155.20 million the same period last year.

Forum Energy Technologies Q1 Adj EPS $0.09 Up From $(1.98) YoY, Sales $189.00M Up From $155.20M YoY

Contracts

Forum Energy Technologies Awarded Approximately $25M Contract To Provide Desalter Systems To Saudi Aramco

The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>.
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Excelerate Energy Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ee#NYSE">EE</a>)</h3>
<ul>
<li>Morgan Stanley recently maintained Excelerate Energy with ab Equal-Weight and lowered the price target from $33 to $32. The company&rsquo;s stock has a <a href="https://www.benzinga.com/quote/EE">52-week low of $18.31 </a>.</li>
<li>RSI Value: 28.91</li>
<li>EE Price Action: Shares of Excelerate Energy fell 0.6% to close at $20.82 on Wednesday.</li>
</ul>
<h3>GeoPark Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>)</h3>
<ul>
<li>GeoPark announced consolidated 2022 certified reserves of 128M BOE. The company&rsquo;s <a href="https://www.benzinga.com/quote/GPRK"> stock has a 52-week low </a> of $10.26.</li>
<li>RSI Value: 26.20</li>
<li>GPRK Price Action: Shares of GeoPark fell 2.1% to close at $12.37 on Wednesday.</li>
</ul>
<h3>Patterson-UTI Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pten#NASDAQ">PTEN</a>)</h3>
<ul>
<li>Patterson-UTI Energy recently posted upbeat Q4 earnings. The company&rsquo;s stock has a 52-week <a href="https://www.benzinga.com/quote/PTEN"> low of $10.69.</a></li>
<li>RSI Value: 27.57</li>
<li>PTEN Price Action: Shares of Patterson-UTI Energy fell 2.3% to close at $13.20 on Wednesday and lost 1.4% in after-hours trading.</li>
</ul>
<h3>SM Energy Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>)</h3>
<ul>
<li>SM Energy posted<a href="https://www.benzinga.com/quote/SM"> better-than-expected </a> quarterly results. The company&rsquo;s 52-week low is $27.92.</li>
<li>RSI Value: 29.20</li>
<li>SM Price Action: Shares of SM Energy fell 1.8% to close at $29.01 on Wednesday and lost 3.5% in after-hours trading.</li>
</ul>
<h3>Forum Energy Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fet#NYSE">FET</a>)</h3>
<ul>
<li>Forum Energy Technologies, during November, posted a Q3 loss of $0.25 per share. The company <a href="https://www.benzinga.com/quote/FET"> has a 52-week low </a> of $16.78.</li>
<li>RSI Value: 27.92</li>
<li>FET Price Action: Shares of Forum Energy Technologies dropped 7.7% to close at $29.35 on Wednesday.</li>
</ul>
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/02/31006002/7m-bet-on-this-healthcare-stock-check-out-these-4-penny-stocks-insiders-are-buying"> $7M Bet On This Healthcare Stock? Check Out These 4 Penny Stocks Insiders Are Buying </a>

U.S. index futures declined Monday as markets remained closed for a public holiday.&nbsp;Last week, markets were downbeat following economic data that showed inflation did not moderate as much as expected, triggering fears of more<a href="https://www.benzinga.com/news/23/02/30973889/peter-schiff-the-fed-is-not-winning-but-everybody-else-is-losing-sectors-and-investment-ideas-to-wat">&nbsp;Federal Reserve rate hikes</a>. Investors and traders are now bracing for the release of the crucial Fed meeting minutes on Wednesday. Meanwhile, here are the five stocks that are on investors&rsquo; radar:
1. Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>): Shares of Tesla rose over 5% last week. The United States National Highway Traffic Safety Administration&nbsp;stated on Monday it has asked the EV maker for additional information following the collision of one of its vehicles with a fire truck in California, reported Reuters.
Also Read: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock">Everything You Need To Know About Tesla Stock</a>
2. Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>): Shares of Meta lost close to 3% last week. Reuters reported that the social media giant temporarily fought off a collective lawsuit over allegations it abused its dominant position to monetize users&#39; personal data.
3. Helix Energy Solutions Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hlx#NYSE">HLX</a>): Shares of the company lost over 6% last week. The company reported a net income of $2.7 million for the fourth quarter of 2022 compared with a net loss&nbsp;of $25.9 million a year earlier.
4. AMERISAFE, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amsf#NASDAQ">AMSF</a>): Shares of the company gained over 3% last week. The company said on Monday its Board of Directors had increased the quarterly dividend by 9.7%, from $0.31 to $0.34 per share.
5. Forum Energy Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fet#NYSE">FET</a>): Shares of the company lost close to 4% last week. The company announced fourth-quarter revenue of $191 million and a net loss of $13 million for the period.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/02/30977957/us-recession-risk-at-its-highest-in-40-years-why-is-the-stock-market-ignoring-the-e">US Recession Risk At Its Highest In 40 Years: Why Is The Stock Market Ignoring The Economy?</a>

Tesla, Meta, Helix Energy, AMERISAFE, Forum Energy Technologies: Why These 5 Stocks Are Drawing Investors' Attention Today

U.S. stocks turned lower midway through trading, with the Dow Jones dropping more than 300 points on Wednesday.
The Dow traded down 0.99% to 33,575.05 while the NASDAQ fell 0.61% to 11,027.26. The S&amp;P 500 also fell, dropping, 0.75% to 3,960.85. 
Check This Out: <a href="https://www.benzinga.com/news/23/01/30460552/alphabet-to-rally-around-37-here-are-10-other-analyst-forecasts-for-wednesday"> Alphabet To Rally Around 37%? Here Are 10 Other Analyst Forecasts For Wednesday </a>

Leading and Lagging Sectors 
Energy shares gained by 0.1% on Wednesday. Meanwhile, top gainers in the <a href='https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/'>sector</a> included Forum Energy Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fet#NYSE">FET</a>), up 7%, and Forum Energy Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nrt#NYSE">NRT</a>), up 5%. 
In trading on Wednesday, consumer staples shares fell by 1.8%.

Top Headline 
Producer prices for final demand in the US fell 0.5% month-over-month in December.

Equities Trading UP
<ul>
<li>Ontrak, Inc.. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/otrk#NASDAQ">OTRK</a>) shares shot up 122% to $1.2792 after the company announced new data that shows a reduction in depression and axiety symptoms for Ontrak Health&#39;s Wholehealth+ program members.</li>
<li>Shares of Sigilon Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sgtx#NASDAQ">SGTX</a>) got a boost, shooting 46% to $0.6012 after Canaccord Genuity initiated coverage on the stock with a Buy rating and a $6 price target.</li>
<li>Energy Vault Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nrgv#NYSE">NRGV</a>) shares were also up, gaining 39% to $4.9401 after the company updated Q4 and FY22 expected revenue results.</li>
</ul>

&nbsp;
Equities Trading DOWN
<ul>
<li>Bit Brother Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/btb#NASDAQ">BTB</a>) shares tumbled 69% to $2.0736 after the company reported pricing of $7.1 million registered direct offering.</li>
<li>Shares of Arcimoto, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fuv#NASDAQ">FUV</a>) were down 59% to $2.52 after the company announced pricing of its $12 million public offering.</li>
<li>PAVmed Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pavm#NASDAQ">PAVM</a>) was down, falling 18% to $0.5189 after the company announced a workforce reduction of roughly 20% alongside other cost-cutting measures.</li>
</ul>

Also Check This Out: <a href="https://www.benzinga.com/markets/cryptocurrency/23/01/30463098/bitcoin-trades-above-this-key-level-shiba-inu-emerges-as-top-gainer"> Bitcoin Trades Above This Key Level; Shiba Inu Emerges As Top Gainer</a>

Commodities
In commodity news, oil traded up 1% to $81.00 while gold traded up 0.1% at $1,909.90. 
Silver traded down 0.7% to $23.89 on Wednesday while copper rose 0.6% to $4.2480.
Euro zone 
European shares were mostly higher today. The eurozone&rsquo;s STOXX 600 rose 0.23%, London&rsquo;s FTSE 100 fell 0.26% while Spain&rsquo;s IBEX 35 Index gained 0.4%. The German DAX declined 0.03% French CAC 40 climbed 0.09% and Italy&rsquo;s FTSE MIB Index rose 0.27%. 
Passenger car registrations in the European Union climbed 12.8% year-over-year to 896,967 units during December. Annual inflation rate in the UK declined to 10.5% in December from 10.7% in the prior month. Italy recorded a trade surplus of EUR 1.14 billion in November, recording the first surplus in 12 months.

Asia Pacific Markets 
Asian markets closed mostly higher on Wednesday, with the Hong Kong&rsquo;s Hang Seng Index gaining 0.47%, and China&rsquo;s Shanghai Composite Index rising 0.01%. Japan&rsquo;s Nikkei 225 gained 2.5%. 
The Bank of Japan kept its key short-term interest rate unchanged at -0.1%. Industrial production in Japan rose 0.2% month-over-month in November, while core machinery orders dipped 8.3% month-over-month in November. Foreign direct investment into China surged 6.3% from a year ago to CNY 1.27 trillion during 2022.
&nbsp;
Economics
<ul>
<li>Mortgage applications in the US increased 27.9% in the week ended Jan. 13, 2023.</li>
<li>Retail sales in the US dropped 1.1% month-over-month in December.</li>
<li>Producer prices for final demand in the US fell 0.5% month-over-month in December.</li>
<li>Industrial production in the US dropped by 0.7% month-over-month in December.</li>
<li>The NAHB housing market index rose to 35 in January from 31 in December.</li>
<li>US business inventories increased by 0.4% from a month ago in November.</li>
</ul>

Now Read This: <a href="https://www.benzinga.com/news/earnings/23/01/30455954/markets-turn-more-bullish-ahead-of-earnings"> Markets Turn More Bullish Ahead Of Earnings</a>

COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 103,614,410 cases with around 1,125,890 deaths. India confirmed a total of at least 44,681,880 cases and 530,720 deaths, while France reported over 39,461,380 COVID-19 cases with 163,560 deaths. In total, there were at least 672,042,770 cases of COVID-19 worldwide with more than 6,734,120 deaths.

Penny Stocks

Eurozone

Commodities

Global

Intraday Update

NRGV

OTRK

PAVM

SGTX

US Stocks Turn Lower; Dow Dips Over 300 Points

Forum Energy Technologies Sees FY22 Adj. EBITDA At Top End Of $50M-$60M Range

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.25) per share. This is a 88.89 percent increase over losses of $(2.25) per share from the same period last year. The company reported quarterly sales of $181.00 million which beat the analyst consensus estimate of $154.00 million by 17.53 percent. This is a 28.37 percent increase over sales of $141.00 million the same period last year.

Forum Energy Technologies Q3 EPS $(0.25) Up From $(2.25) YoY, Sales $181.00M Beat $154.00M Estimate

WIIM

CSAN

DINO

FANG

MTDR

OPAL

TOPS

Shares of oil and energy companies are trading lower as oil prices fall amid a gain in the US dollar.

&nbsp;
<a href="https://pro.benzinga.com/?utm_source=insights">According to Benzinga Pro,</a> during Q2, Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) earned $9.26 million, a 200.71% increase from the preceding quarter. Forum Energy Technologies also posted a total of $172.20 million in sales, a 10.95% increase since Q1. In Q1, Forum Energy Technologies brought in $155.20 million in sales but lost $9.20 million in earnings.
<h3>What Is ROCE?</h3>
Earnings data without context is not clear and can be difficult to base trading decisions on. Return on Capital Employed (ROCE) helps to filter signal from noise by measuring yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q2, Forum Energy Technologies posted an ROCE of 0.03%.
It is important to keep in mind that ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company&#39;s recent performance, but does not account for factors that could affect earnings and sales in the near future.
ROCE is a powerful metric for comparing the effectiveness of capital allocation for similar companies. A relatively high ROCE shows Forum Energy Technologies is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and, ultimately, earnings per share (EPS) growth.
For Forum Energy Technologies, the positive return on capital employed ratio of 0.03% suggests that management is allocating their capital effectively. Effective capital allocation is a positive indicator that a company will achieve more durable success and favorable long-term returns.
<h3>Upcoming Earnings Estimate</h3>
Forum Energy Technologies reported Q2 earnings per share at $-0.73/share, which did not meet analyst predictions of $-0.57/share.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

Forum Energy Technologies Earnings Perspective: Return On Capital Employed

Forum Energy Technologies Inc (FET) reported less than expected earnings this afternoon for Q4 2023. Forum Energy Technologies Inc reported EPS loss of $0.39 per share. Profits rose 13% year-over-year after reporting an EPS loss of $0.45 per share in its year-ago quarter. The positive growth rate signals that the Energy co

Forum Energy Technologies Inc Down 4.00% To $19.68 After Earnings

Forum Energy Technologies, Inc. (FET) Q4 2023 Earnings Call Transcript

Forum Energy files to sell 1.95M shares of common stock for holders

FET, VTNR among major energy gainers

Limited oil supply aggravated by geopolitical tensions and solid energy consumption could push oil prices higher, creating significant tailwinds for the energy sector. Thus, energy stocks Energy Transfer (ET), Koninklijke Vopak (VOPKY), and Forum Energy (FET) could be ideal buys in May. These stocks are rated B (Buy) in our proprietary rating system. Read on... The energy sector is experiencing continued robust demand for oil and natural gas and supply disruptions amid voluntary cuts by OPEC+ members and Mexico and rising geopolitical tensions, particularly in the Middle East, leading to higher oil prices.
Given the industry tailwinds, it could be wise to buy fundamentally sound energy stocks Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>), Koninklijke Vopak N.V. (<a href="https://stocknews.com/stock/VOPKY/">VOPKY</a>), and Forum Energy Technologies, Inc. (<a href="https://stocknews.com/stock/FET/">FET</a>) for potential returns in May. These stocks are rated B (Buy) in our <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> system.
According to the U.S. Energy Information Administration (EIA), <a href="https://www.eia.gov/outlooks/steo/">global oil consumption</a> for 2024 and 2025 will be between 0.4 million b/d and 0.5 million b/d in both years. In addition, the agency expects residential electricity consumption to increase by around 4% this year compared to 2023, driven by hotter summer temperatures.
Meanwhile, EIA forecasts Brent crude oil spot price to average $90 per barrel (b) in the second quarter of 2024, $2/b higher than its March STEO and an average of $89/b this year.
The World Bank also warned that the outbreak of a major conflict in the Middle East could trigger an energy shock, pushing <a href="https://www.cnbc.com/2024/04/25/middle-east-escalation-could-trigger-energy-shock-that-fuels-inflation-world-bank-warns.html">oil prices above $100 per barrel</a>. Tensions in the Middle East heightened last month as Israel and OPEC member Iran appeared on the brink of war.
OPEC+ members <a href="https://www.reuters.com/business/energy/some-opec-members-agree-extend-voluntary-cuts-q2-sources-2024-03-03/">extended voluntary oil output cuts of 2.2 million bpd</a> to the second quarter. Besides, <a href="https://www.reuters.com/business/energy/mexico-cut-least-330000-bpd-crude-exports-may-sources-say-2024-04-08/">Mexico's state energy company</a>, Pemex, planned to cut at least 330,000 bpd of crude exports in May to supply more to its domestic refineries for energy self-sufficiency.
The recent production cuts and geopolitical tensions are raising concerns over supply constraints. Amid this, <a href="https://www.iea.org/reports/oil-market-report-april-2024">non-OPEC+, led by the U.S</a>., is expected to drive world supply growth through 2025. In 2024, global output is forecasted to surge by 770 kb/d to 102.9 mb/d, and non-OPEC+ production will expand by 1.6 mb/d. Also, next year, global growth will likely rise by 1.6 mb/d.
The global energy as a service (EaaS) market is expected to grow to $208.20 million by 2032, exhibiting a <a href="https://www.fortunebusinessinsights.com/industry-reports/energy-as-a-service-market-101204">CAGR of 11.8%</a> during the forecast period (2024-2032). Increasing investments in energy efficiency, innovative business models, personalized services, and rapid industrialization will drive market growth.
Given the industry's robust outlook, investing in quality energy stocks such as ET, VOPKY, and FET could be wise for future gains.
Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>)
ET provides energy-related services. It owns and operates a natural gas transportation pipeline, natural gas storage facilities, and nearly 20,090 miles of interstate natural gas pipeline. The company also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.
On April 24, ET announced an increase in its quarterly cash distribution to $0.3175 per common unit for the first quarter ended March 31, 2024. This cash distribution reflects an increase of 3.3% compared to the first quarter of 2023 and will be paid on May 20, 2024, to unitholders of record as of the close of business on May 13, 2024.
ET pays an annual distribution of $1.27 per unit, which translates to a yield of 8.07% on the current share price. Its four-year average dividend yield is 9.73%. The company's dividend payouts have grown at a CAGR of 10.8% over the past three years.
ET's revenues increased marginally year-over-year to $20.53 billion during the fourth quarter that ended December 31, 2023. Its <a href="https://www.investopedia.com/terms/o/operatingincome.asp">operating income</a> grew 19.9% from the year-ago value to $2.16 billion. Net income attributable to partners came in at $1.33 billion and $0.37 per common unit, up 14.9% and 8.8% from the prior year's quarter, respectively.
Furthermore, the company's adjusted EBITDA increased 4.8% year-over-year to $3.60 billion. And its distributable cash flow rose 4.4% from the year-ago value to $2.45 billion.
Analysts expect ET's revenue for the first quarter (ended March 2024) to increase 14.2% year-over-year to $10.76 billion, and its EPS for the same quarter is expected to grow 40.9% year-over-year to $0.37. For the fiscal year 2024, the company's revenue and EPS are expected to grow 5.8% and 23.4% year-over-year to $41.03 billion and $1.97, respectively.
Shares of ET have surged 11% over the past month and 32.9% over the past year to close the last trading session at $15.48.
ET's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
ET has an A grade for Momentum and a B for Growth, Stability, and Value. It is ranked #9 out of 82 stocks in the <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> industry.
In addition to the POWR Ratings we've stated above, we also have other ratings of ET for Quality and Sentiment. Get all ET ratings <a href="https://stocknews.com/stock/ET/">here</a>.
Koninklijke Vopak N.V. (<a href="https://stocknews.com/stock/VOPKY/">VOPKY</a>)
Headquartered in Rotterdam, Netherlands, VOPKY is an independent tank storage company that stores and handles liquid chemicals, gases, and oil products for the energy and manufacturing markets worldwide. It operates LPG and chemical gas, industrial, chemical, and oil terminals and owns and operates specialized facilities.
On March 10, 2024, VOPKY and Air Liquide signed a Memorandum of Understanding (MoU) to collaborate on the development and operation of infrastructure for ammonia import, cracking, and hydrogen distribution in Singapore.
The collaboration between the companies aims to support Singapore's National Hydrogen Strategy to establish low-carbon hydrogen supply chains, accelerating the adoption and commercialization of industrial ammonia cracking in Singapore.
On November 21, 2023, VOPKY and IHI Corporation signed an MoU to jointly explore the development and operation of efficient, high-value-added ammonia terminals in Japan. The partnership is aimed at large-scale ammonia storage terminals strategically positioned for the economical distribution of ammonia.
During the first quarter that ended March 31, 2024, VOPKY reported revenues of €328.20 million ($350.42 million). Net profit attributable to holders of ordinary shares and EPS came in at €105.80 million ($112.97 million) and €0.87, up 2.6% and 3.6% year-over-year, respectively.
Also, the company's EBITDA for the quarter was €235 million ($250.92 million). The company's cash flows from operating activities increased 22.8% year-over-year to €278.80 million ($297.68 million).
Street expects VOPKY's revenue for the fiscal year (ending December 2025) to increase 2.6% year-over-year to $1.42 billion. Furthermore, the company surpassed the consensus revenue estimates in three of the trailing four quarters.
Over the past month, VOPKY's stock has gained 2.7% and 18% over the past six months to close the last trading session at $39.54.
VOPKY's sound fundamentals are reflected in its POWR Ratings. The stock has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
The stock has an A grade for Momentum. It also has a B grade for Growth, Stability, and Quality. Within the <a href="https://stocknews.com/category/foreign-oil-gas/">Foreign – Oil &amp; Gas</a> industry, VOPKY is ranked #6 of 41 stocks.
<a href="https://stocknews.com/stock/VOPKY/">Click here</a> to access additional ratings of VOPKY for Sentiment and Value.
Forum Energy Technologies, Inc. (<a href="https://stocknews.com/stock/FET/">FET</a>)
FET designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries internationally. It operates through three segments: Drilling &amp; Downhole; Completions; and Production. The company designs, manufactures, and supplies products and services for drilling, well construction, and artificial lift.
On January 5, FET acquired Variperm Energy Services, a leading manufacturer of customized downhole technology solutions providing sand and flow control products for heavy oil applications. The total consideration relative to the acquisition consists of $150 million of cash and 2 million shares of FET's common stock.
The strategic acquisition aligns well with FET's operations and will benefit both legacy FET and Variperm products. It enhances the company's downhole and artificial lift product portfolio.
For the fiscal year that ended December 31, 2023, FET's revenue increased 5.6% year-over-year to $738.90 million. Its gross profit grew 8.3% from the prior year to $204.20 million. The company's adjusted operating income of $27.20 million indicates growth of 57.2% year-over-year.
In addition, the company's adjusted EBITDA increased 14.3% from the previous year to $67.10 million. Its total current assets stood at $529.60 million as of December 31, 2023, compared to $512.90 million as of December 31, 2022.
Analysts expect FET's revenue and EPS for the fiscal year 2025 to increase 5.4% and 92.3% year-over-year to $922.35 million and $2.14, respectively. Moreover, FET's stock has plunged 7% over the past month to close the last trading session at $18.48.
FET's POWR Ratings reflect its bright prospects. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
FET has a B grade for Sentiment, Momentum, Stability, and Growth. The stock is ranked #11 among 50 stocks in the <a href="https://stocknews.com/category/energy-services/">Energy - Services</a> industry.
To access FET's other ratings, <a href="https://stocknews.com/stock/FET/">click here</a>.
What To Do Next?
Get your hands on this special report with 3 low priced companies with tremendous upside potential even in today's volatile markets:
<a href="https://report.stocknews.com/free-report/3stocks/?formplacement=artbotad_3s">3 Stocks to DOUBLE This Year &gt;</a>

<hr />
ET shares were trading at $15.63 per share on Thursday afternoon, up $0.15 (+0.97%). Year-to-date, ET has gained 15.81%, versus a 5.98% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/et-vopky-fet-3-buy-rated-energy-stocks-to-buy-in-may/>3 Buy-Rated Energy Stocks to Buy in May</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Buy-Rated Energy Stocks to Buy in May

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Forum Energy Technologies (NYSE:<a href="https://investorplace.com/stock-quotes/fet-stock-quote/">FET</a>) just reported results for the first quarter of 2024.<ul><li>Forum Energy Technologies reported earnings per share of -12 cents.</li><li>The company reported revenue of $202.40 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/05/fet-stock-earnings-forum-energy-technologies-for-q1-of-2024/">FET Stock Earnings: Forum Energy Technologies Reported Results for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

FET Stock Earnings: Forum Energy Technologies Reported Results for Q1 2024

Forum Energy misses top-line and bottom-line estimates; initiates Q2 and reaffirms FY24 outlook

Forum Energy Non-GAAP EPS of -$0.12, revenue of $202M

Despite concerns over demand and interest rates and the volatile geopolitical landscape impacting oil prices, OPEC projects a surge in fuel consumption for the summer season. Therefore, investors could consider adding fundamentally strong energy stocks Petróleo Brasileiro (PBR), APA Corp. (APA), and Forum Energy (FET) to their watchlists. Keep reading… Investors are riding high on energy shares, capitalizing on surging oil prices and a resilient economy, while also bracing for potential inflationary pressures. In 2024, the S&amp;P 500 energy sector has soared more than 9%, outpacing the broader index's year-to-date return of 7.3%.
Given this backdrop, it could be wise to add fundamentally strong energy stocks Petróleo Brasileiro S.A. - Petrobras (<a href="https://stocknews.com/stock/PBR/">PBR</a>), APA Corporation (<a href="https://stocknews.com/stock/APA/">APA</a>), and Forum Energy Technologies, Inc. (<a href="https://stocknews.com/stock/FET/">FET</a>) to one's watchlist.
Recently, oil prices have been grappling with concerns about demand and the impact of elevated interest rates, leading to the potential for the <a href="https://www.reuters.com/business/energy/oil-steadies-heads-weekly-drop-us-economy-worries-2024-05-03/">steepest weekly loss</a> in three months. Nevertheless, OPEC foresees <a href="https://www.reuters.com/business/energy/opec-sees-robust-summer-oil-demand-economic-upside-potential-2024-04-11/">strong fuel consumption</a> during the upcoming summer season.
Looking forward to increased travel activity, OPEC anticipates a significant year-on-year rise in global jet/kerosene fuel demand by 600,000 bpd in the second quarter, accompanied by a 400,000-bpd increase in gasoline demand and a 200,000-bpd uptick in diesel demand.
In its latest monthly report, OPEC projects a notable surge in worldwide oil demand, estimating an increase of 2.25 million barrels per day (bpd) in 2024 and a further 1.85 million bpd in 2025. Despite acknowledging potential risks, OPEC remains hopeful about continued economic growth in 2024.
Maintaining its economic outlook, OPEC forecasts global economic growth of 2.8% for 2024, with the U.S. economy expected to contribute to increased fuel demand during the traditional summer period.
Moreover, the World Bank cautioned about the potential for an energy shock if a major conflict erupts in the Middle East, which could propel <a href="https://www.cnbc.com/2024/04/25/middle-east-escalation-could-trigger-energy-shock-that-fuels-inflation-world-bank-warns.html">oil prices beyond $100 per barrel</a>. Recent tensions in the region, particularly between Israel and OPEC member Iran, have heightened concerns, hinting at the precarious geopolitical landscape in the area.
Meanwhile, OPEC+ has decided to prolong its voluntary oil <a href="https://www.reuters.com/business/energy/some-opec-members-agree-extend-voluntary-cuts-q2-sources-2024-03-03/">output cuts of 2.2 million barrels per day</a> (bpd) into the second quarter. Such production cuts, coupled with geopolitical tensions, are fueling concerns about supply constraints.
However, non-OPEC+ countries, particularly the United States, are expected to drive world supply growth through 2025. Global output is forecasted to surge by 770 kb/d to 102.9 mb/d in 2024, with non-OPEC+ production expanding by 1.6 mb/d. Further growth is expected next year, with global output likely to <a href="https://www.iea.org/reports/oil-market-report-april-2024">rise by 1.6 mb/d</a>.
In addition, with the significant dependence on oil, energy companies providing services in drilling, assessment, production, and upkeep are positioned for substantial growth. By 2027, the global oilfield services market is expected to reach a substantial valuation of $346.45 billion, exhibiting a <a href="https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174">CAGR of 6.6%</a>.  
Now, let's delve deeper into the fundamentals of the featured stocks in detail:
Petróleo Brasileiro S.A. - Petrobras (<a href="https://stocknews.com/stock/PBR/">PBR</a>)
Based in Rio de Janeiro, Brazil, PBR is engaged in the exploration, production, and sale of oil and gas both domestically and internationally. It operates through three segments: Exploration and Production; Refining, Transportation and Marketing; and Gas and Power. PBR's activities encompass prospecting, drilling, refining, processing, trading, and transportation of crude oil from onshore and offshore fields, as well as shale or other rocks.
The oil and gas giant reported that its first-quarter production of oil, natural gas, and NGLs rose 3.7% from the prior-year level. Total hydrocarbon production reached 2,776 million barrels of oil equivalent (boe) per day, with crude oil production specifically rising by 4.4% to 2.24 million boe per day.
This increase in production can be attributed to the ramp-up of five FPSOs—Almirante Barroso, P-71, Anna Nery, Anita Garibaldi, and Sepetiba, as well as the commencement of production from 19 new wells in the Campos and Santos Basin.
Despite the production increase, total exports decreased by 4.4% year over year. While oil exports rose by 2.5% sequentially, they declined by 11.3% compared to the previous year. PBR attributed this drop to disruptions in the maritime freight transport route caused by conflicts in the Middle East, which altered the flow of oil exports.
During the fourth quarter (ended December 31, 2023), PBR's sales revenue stood at $27.11 billion, while its gross profit increased marginally from the year-ago value to $14.65 billion. Its operating income and net income amounted to $8.02 billion and $6.28 billion, respectively, in the same period. In addition, it reported an <a href="https://www.investopedia.com/terms/a/adjusted-ebitda.asp">adjusted EBITDA</a> of $13.47 billion.
As of December 31, 2023, the company's cash and cash equivalents came in at $12.73 billion, representing an impressive 59.2% year-over-year increase, compared to $7.99 billion as of December 31, 2022.
In terms of forward non-GAAP P/E, PBR is trading at 4.56x, 57.1% lower than the industry average of 10.65x. Likewise, the stock's forward EV/EBITDA and Price/Sales multiples of 2.96 and 1.10 are 49% and 25.9% lower than the industry averages of 5.80x and 1.48x, respectively.
The consensus EPS estimate of $0.98 for the fiscal second quarter (ending June 2024) represents a 7.2% improvement year-over-year. The consensus revenue estimate of $26.26 billion for the current quarter indicates a 14.9% increase from the same period last year. The company has an impressive earnings surprise history, surpassing the consensus EPS estimates in three of the trailing four quarters.
Moreover, its revenue and EBITDA have grown at impressive CAGRs of 10.5% and 22.3%, respectively, over the past three years. Also, its levered FCF has increased at a 16% CAGR over the same period.
Over the past year, the stock has gained 71.6% to close the last trading session at $17.34.
PBR's strong fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall rating of B, which equates to Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It has an A grade for Quality and a B for Momentum. Among the 42 stocks in the A-rated <a href="https://stocknews.com/category/foreign-oil-gas/">Foreign Oil &amp; Gas</a> industry, it is ranked #20. <a href="https://stocknews.com/stock/PBR/">Click here</a> to see the other ratings of PBR for Growth, Value, Stability, and Sentiment.
APA Corporation (<a href="https://stocknews.com/stock/APA/">APA</a>)
APA is an energy company that explores, develops, and produces natural gas, crude oil, and natural gas liquids (NGLs). It operates in the United States, Egypt, and the offshore United Kingdom in the North Sea, Suriname, and other international locations.
On April 1, 2024, the company completed the acquisition of Callon Petroleum Company (<a href="https://stocknews.com/stock/CPE/">CPE</a>), a move aimed at driving improved capital productivity, performance, and significant cost synergies. With the addition of Callon, APA's daily reported production is set to reach approximately 500,000 barrels of oil equivalent (BOE), with around two-thirds originating from the Permian Basin.
In the latest earnings report, the company reported that it had increased the expected annual cost synergies by 50% to $225 million. As a result, APA's U.S. oil production is forecasted to surge by over 80% from the fourth quarter of 2023 to the expected fourth quarter of 2024.
APA also updated its full-year 2024 guidance, planning to invest $2.7 billion in upstream oil and gas capital for the year. The company anticipates operating an average of around ten rigs in the United States as APA actively manages and optimizes its combined rig fleet to enhance operational efficiency and maximize value for shareholders.
APA's total revenues amounted to $1.95 billion in the first quarter that ended March 31, 2024, with a 2.5% year-over-year uptick in revenues from oil production. The company's adjusted earnings came in at $237 million and $0.78 per share in the same period. Also, it generated net cash from operating activities of $368 million and an adjusted EBITDAX of $1.24 billion.
As of March 31, 2024, APA's cash and cash equivalents stood at $102 million, compared to $87 million as of December 31, 2023.  
In terms of forward non-GAAP P/E, APA is trading at 5.78x, 45.7% lower than the industry average of 10.65x. Its forward EV/EBITDA multiple of 2.83 is 51.1% lower than the industry average of 5.80. In addition, its forward EV/EBIT ratio of 4.45 is 54.3% lower than the industry average of 9.74.
Street expects APA's EPS to increase 53.9% year-over-year in the second quarter (ending June 30, 2024) to $1.31. Its revenue for the current quarter is projected to amount to $1.92 billion. Further, APA is expected to witness EPS growth of 11.5% and 5.6% year-over-year, reaching $5.05 and $5.33 in the fiscal years 2024 and 2025, respectively.
Its revenue and EBITDA have grown at impressive CAGRs of 17.6% and 27.5%, respectively, over the past three years. Likewise, its EPS has improved significantly at a 651% CAGR over the same period.
However, the stock has plunged 3.5% over the past three months to close the last trading session at $29.18.
APA's POWR Ratings reflect this promising outlook. The company has an overall B rating, which translates to Buy in our proprietary rating system.
It also has a B grade for Value and Quality. In the 82-stock <a href="https://stocknews.com/category/energy-oil-gas/">Energy - Oil &amp; Gas</a> industry, it is ranked #16. To see additional POWR Ratings for APA for Growth, Momentum, Stability, and Sentiment, <a href="https://stocknews.com/stock/APA/">click here</a>.
Forum Energy Technologies, Inc. (<a href="https://stocknews.com/stock/FET/">FET</a>)
FET designs, manufactures, and distributes products catering to the global oil, natural gas, industrial, and renewable energy industries. It operates through three segments: Drilling &amp; Downhole; Completions; and Production. The company offers a range of products and services for drilling, well construction, and artificial lift.
Earlier this year, FET acquired Variperm Energy Services, a leading manufacturer of customized downhole technology solutions providing sand and flow control products for heavy oil applications.
The strategic acquisition, which totals $150 million in cash and 2 million shares of FET's common stock, is well-aligned with its existing operations and is expected to yield mutual benefits for legacy FET and Variperm products. It also enhances the company's downhole and artificial lift product portfolio.
Following this move, FET realigned its reportable segments, now operating in Drilling and Completions; and Artificial Lift and Downhole. Neal Lux, President and Chief Executive Officer, highlighted the impact of the acquisition on the company's financial results in the first quarter of 2024, including a 9% sequential revenue growth, a 69% increase in EBITDA, and a 460-basis point expansion in EBITDA margins.
In terms of forward non-GAAP P/E, FET is trading at 8.58x, 19.4% lower than the industry average of 10.65x. Likewise, the stock's forward EV/Sales and EV/EBITDA multiples of 0.45 and 3.59 are 77.9% and 38% lower than the industry averages of 2.04x and 5.80x, respectively.
For the fiscal first quarter that ended March 31, 2024, FET's revenue increased 7.1% year-over-year to $202.40 million. Its gross profit grew 22.5% from the prior year to $63.80 million. The company's adjusted operating income of $10.70 million indicates a growth of 33.7% year-over-year.
In addition, the company's adjusted EBITDA increased 47.5% from the previous year to $26.10 million. Its cash and cash equivalents stood at $48.50 million as of March 31, 2024, compared to $46.20 million as of December 31, 2023.
Analysts expect FET's revenue to increase 18.4% year-over-year to $875.10 million for the current year, while its EPS is expected to be $1.11 in the same period. For the fiscal year 2025, its revenue and EPS are projected to increase 5.4% and 92.3% year-over-year to $922.35 million and $2.14, respectively.
Moreover, the stock's revenue and tangible book value have grown at CAGRs of 12.9% and 13.8% over the past three years, respectively.
FET's shares have gained 2.1% over the past three months to close the last trading session at $19.39.
It's no surprise that FET has an overall rating of B, which equates to Buy in our proprietary rating system. It has an A grade for Momentum and a B for Growth, Stability, and Sentiment. Out of 51 stocks in the <a href="https://stocknews.com/category/energy-services/">Energy - Services</a> industry, it is ranked #10.
In addition to the POWR Ratings we've stated above, we also have FET's ratings for Value and Quality. Get all FET ratings <a href="https://stocknews.com/stock/FET/">here</a>.
What To Do Next?
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PBR shares were trading at $16.59 per share on Friday afternoon, down $0.07 (-0.42%). Year-to-date, PBR has gained 5.13%, versus a 7.93% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/pbr-apa-fet-cpe-may-2024-energy-stocks-watchlist/>May 2024 Energy Stocks Watchlist</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

May 2024 Energy Stocks Watchlist

Forum Energy Technologies, Inc. (FET) Q1 2024 Earnings Call Transcript

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Press Releases

Forum Energy Technologies Announces Timing of Fourth Quarter and Full Year 2023 Earnings Conference Call

Forum Energy Technologies to Delay Issuance of Fourth Quarter and Full Year 2023 Earnings Release and Investor Conference Call; Provides Preliminary Results and 2024 Guidance

Forum Energy Technologies Reschedules Fourth Quarter and Full Year 2023 Earnings Conference Call

Forum Energy Technologies Announces Fourth Quarter and Full Year 2023 Results and Outlook

EnerCom is Pleased to Announce that Registration is Now Open for the 29th Annual EnerCom Denver - The Energy Investment Conference

Forum Energy Technologies Announces Timing of First Quarter 2024 Earnings Conference Call

EnerCom Announces Mike Wirth, Chairman and Chief Executive Officer of Chevron, as Keynote Speaker at the 29th Annual EnerCom Denver - The Energy Investment Conference

Forum Energy Technologies Announces First Quarter 2024 Results, Benefits from Variperm Acquisition

Forum Energy Technologies to Present at the Sidoti Virtual Investor Conference

Gateway Group Announces Preliminary Presenting Companies for Gateway Conference in San Francisco on September 4-5, 2024

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Forum Energy Technologies Stock (NYSE:FET), Short Interest Report

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