Why Forum Energy Technologies Stock Blasted Nearly 22% Higher on Friday
It posted a beat-and-raise second quarter.
Overview
There's a great deal of investor attention being paid to oil and gas companies these days, and on Friday, an equipment supplier to the industry stepped into the spotlight, too. This was Forum Energy Technologies (NYSE: FET), which published its latest set of earnings after market close Thursday.
Market players clearly liked what they saw, as they eagerly bought shares of the company, pushing the stock up almost 22% that day.
Details
Forum's second quarter saw the company earn $226 million in revenue, a more than 8% year-over-year gain. The company's orders during the period also grew, rising 7% to nearly $236 million.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.