Franks International NV (NYSE:FI)’s share price shot up 5.5% during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $8.12 and last traded at $7.61. 1,380,588 shares traded hands during mid-day trading, an increase of 66% from the average session volume of 833,958 shares. The stock had previously closed at $7.21.
The pipeline company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.05. The firm had revenue of $129.00 million during the quarter, compared to analyst estimates of $126.82 million. Franks International had a negative net margin of 36.85% and a negative return on equity of 13.50%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) EPS.
Several research firms have recently weighed in on FI. UBS Group lifted their target price on shares of Franks International from $4.50 to $7.00 and gave the company a “sell” rating in a report on Friday, August 10th. Tudor Pickering lowered shares of Franks International from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Zacks Investment Research raised shares of Franks International from a “hold” rating to a “buy” rating and set a $7.75 target price for the company in a report on Wednesday, October 31st. ValuEngine raised shares of Franks International from a “hold” rating to a “buy” rating in a report on Monday, July 30th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $6.75 target price on shares of Franks International in a report on Friday, July 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. Franks International currently has an average rating of “Hold” and an average price target of $8.07.
In related news, major shareholder Erich Mosing sold 11,900 shares of the business’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $8.70, for a total value of $103,530.00. Following the completion of the sale, the insider now owns 176,757 shares of the company’s stock, valued at approximately $1,537,785.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Melanie Christine Mosing sold 300,000 shares of the business’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $8.86, for a total transaction of $2,658,000.00. Following the completion of the sale, the insider now directly owns 9,570,659 shares of the company’s stock, valued at approximately $84,796,038.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,692,862 shares of company stock valued at $46,624,937. Insiders own 67.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. California Public Employees Retirement System increased its holdings in Franks International by 89.7% in the 1st quarter. California Public Employees Retirement System now owns 28,069 shares of the pipeline company’s stock worth $152,000 after acquiring an additional 13,269 shares in the last quarter. Rhumbline Advisers increased its holdings in Franks International by 52.0% in the 2nd quarter. Rhumbline Advisers now owns 70,914 shares of the pipeline company’s stock worth $553,000 after acquiring an additional 24,262 shares in the last quarter. SeaBridge Investment Advisors LLC purchased a new stake in Franks International in the 2nd quarter worth $257,000. Swiss National Bank increased its holdings in Franks International by 40.4% in the 2nd quarter. Swiss National Bank now owns 136,200 shares of the pipeline company’s stock worth $1,062,000 after acquiring an additional 39,200 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Franks International in the 1st quarter worth $230,000. 34.11% of the stock is owned by institutional investors.
The firm has a market capitalization of $1.61 billion, a P/E ratio of -12.48 and a beta of 1.32.
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Franks International Company Profile (NYSE:FI)
Frank's International N.V. provides various engineered tubular services for the oil and gas exploration and production, and oilfield services companies in the United States, Europe, the Middle East, Africa, Latin America, the Asia Pacific, and internationally. The company operates through four segments: International Services, U.S.
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