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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.

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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.

A more dramatic change was recorded on the bottom line. The company's net income not under generally accepted accounting principles (non-GAAP, or adjusted), flipped from a year-ago loss of $1.2 million to a comfortable profit of $13.7 million ($1.16 per share).

That shook out into a pair of convincing beats on the consensus analyst estimates. These averaged slightly over $210 million for revenue, and only $0.51 per share for adjusted net profit.

In a time of volatility and relatively high prices for the energy industry, both components of Forum's business saw gains. Its drilling and completions segment saw a 10% boost in revenue to $139 million, followed by artificial lift and downhole's 6% gain to $87 million.

Forum is clearly expecting the busy times to continue, as it raised its guidance for both its current (third) quarter and full-year 2026. Its new forecast for annual revenue is $870 million to $910 million, while adjusted net income should be $42 million to $52 million. The average pundit expectation for revenue is under $856 million.

While oil prices are volatile these days, Forum is well placed in its business, no matter which direction they go. In fact, as an equipment supplier rather than, say, an upstream oil company, the prospects for its stock to keep rising might be better. I'd be bullish on its future.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Why Forum Energy Technologies Stock Blasted Nearly 22% Higher on Friday was originally published by The Motley Fool