Welcome to our dedicated page for Forum Energy Technologies news (Ticker: FET), a resource for investors and traders seeking the latest updates and insights on Forum Energy Technologies stock.
Forum Energy Technologies, Inc. (FET) is a global provider of manufactured technologies and applied products and services, catering primarily to the oil, natural gas, industrial, and renewable energy industries. Despite being a relatively new name in the market, Forum Energy Technologies brings together a suite of well-known brands and an extensive range of mission-critical products and services.
The company's offerings span from underwater reservoirs to refineries and above-ground transportation lines, encompassing a comprehensive suite of solutions aimed at maximizing operational efficiency, enhancing safety, and reducing costs.
Forum Energy Technologies operates through three major segments:
- Drilling and Downhole: This key revenue-generating segment provides engineered capital equipment and consumable products for drilling activities, including valves, centrifugal pumps, and rig sensors.
- Completions: This segment focuses on products and services used during the completion phase of oil and gas wells.
- Production: This segment provides products and services for oil and gas production and transportation.
The company prides itself on its capability to supply clients not only with high-quality equipment but also with related services that improve safety and performance. Their global presence, with offices situated in key oilfield distribution centers, ensures they are well-positioned to meet the needs of their worldwide customer base.
Recent achievements include the initiation and update of coverage by Stonegate Capital Partners, indicating growing interest and confidence in Forum Energy Technologies' market performance and future potential.
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Stonegate Capital Partners initiates coverage on Forum Energy Technologies, Inc. (FET), highlighting the Variperm acquisition's revenue growth potential, strength in subsea product line, and international market expansion. FY24 guidance indicates a 64% y/y EBITDA growth.
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Forum Energy Technologies, Inc. (FET) reported a 6% year-over-year increase in revenue for 2023, reaching $739 million, with a net loss of $19 million. The company announced a fourth-quarter revenue of $185 million and a net loss of $17 million. FET expects an adjusted EBITDA of $100 to $120 million in 2024, following the Variperm acquisition.
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Forum Energy Technologies, Inc. (FET) will host its Q4 and full year 2023 earnings conference call on March 1, 2024, after delaying the release to assess valuation allowance reserves. The reserves remain unchanged after analysis. FET serves energy industries globally, providing safety and efficiency solutions.
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Forum Energy Technologies, Inc. (FET) announces delay in Q4 and full-year 2023 earnings release due to valuation allowance reserves. Q4 revenue up to $185 million with adjusted EBITDA expected at $15-17 million. 2024 guidance includes revenue of $200-220 million and adjusted EBITDA of $23-27 million for Q1.
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Forum Energy Technologies, Inc. (FET) will host its Q4 and full year 2023 earnings conference call on February 20, 2024. The call will be webcast and a replay will be available on the Investor Relations website. FET is a global company serving the energy industries, providing value-added solutions for energy exploration and production.
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Forum Energy Technologies, Inc. (NYSE: FET) announced that its President and CEO, Neal Lux, and CFO, Lyle Williams, will present at the Sidoti Virtual Investor Conference on January 17, 2024. The company will also host virtual one-on-one meetings with investors. FET is a global company providing solutions for the energy industry, with a focus on safety and efficiency. For more information, visit www.f-e-t.com.
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Forum Energy Technologies, Inc. (NYSE: FET) has completed the acquisition of Variperm Energy Services for $150 million in cash and 2 million shares of FET’s common stock. The acquisition enhances FET’s downhole and artificial lift product portfolio, providing sand and flow control products for heavy oil applications. The transaction was funded from cash on hand, borrowings under ABL credit facility, and a $60 million seller term loan. FET also granted restricted stock unit awards to fourteen Variperm employees as an inducement to continue providing services to Variperm and FET following the acquisition.
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Forum Energy Technologies, Inc. (NYSE: FET) has received approval from the Canadian Competition Bureau to proceed with its planned acquisition of Variperm Energy Services. The acquisition, valued at $150 million in cash and 2 million shares of FET’s common stock, is expected to be immediately accretive to FET’s margins and cash flow. The closing is anticipated to occur in January 2024, subject to satisfaction of customary closing conditions.
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Forum Energy Technologies, Inc. (NYSE: FET) to Present at Emerging Growth Conference on December 7, 2023
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Forum Energy Technologies, Inc. (NYSE: FET) appoints Ms. Leslie Beyer, former CEO of the Energy Workforce and Technology Council, to its board of directors. Ms. Beyer brings extensive experience in the energy industry, having served in various government positions. FET's CEO, Mr. Neal Lux, expressed excitement about Ms. Beyer's appointment, emphasizing her valuable perspective and industry knowledge. FET, a global company based in Houston, TX, specializes in providing solutions for the oil, natural gas, industrial, and renewable energy sectors.
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FAQ
What is the current stock price of Forum Energy Technologies (FET)?
The current stock price of Forum Energy Technologies (FET) is $15.49 as of December 3, 2024.
What is the market cap of Forum Energy Technologies (FET)?
The market cap of Forum Energy Technologies (FET) is approximately 187.3M.
What does Forum Energy Technologies, Inc. do?
Forum Energy Technologies, Inc. provides manufactured technologies, products, and services for the oil, natural gas, industrial, and renewable energy industries.
What are the main segments of Forum Energy Technologies?
The main segments are Drilling and Downhole, Completions, and Production.
Where is Forum Energy Technologies headquartered?
Forum Energy Technologies has offices in key oilfield distribution centers globally.
What types of products does Forum Energy Technologies offer?
The company offers engineered capital equipment, consumable products for drilling, well construction, production, and transportation of oil and natural gas.
How does Forum Energy Technologies enhance operational efficiency?
The company provides high-quality equipment and related services that improve safety, performance, and lower operating costs.
What recent coverage has Forum Energy Technologies received?
Stonegate Capital Partners has recently initiated and updated their coverage on Forum Energy Technologies.
What industries does Forum Energy Technologies serve?
The company serves the oil, natural gas, industrial, and renewable energy industries.
How does Forum Energy Technologies support its clients?
Forum Energy Technologies supports its clients with equipment and services designed to maximize operations and improve bottom lines.
What type of company is Stonegate Capital Partners?
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services.
Who can be contacted for more information about Forum Energy Technologies?
For more information, you can contact Stonegate Capital Partners at (214) 987-4121 or info@stonegateinc.com.
Forum Energy Technologies, Inc.
NYSE:FET
FET Rankings
FET Stock Data
187.33M
10.20M
9.97%
71.25%
0.71%
Oil & Gas Equipment & Services
Oil & Gas Field Machinery & Equipment
United States of America
HOUSTON