TD Cowen Raises TechnipFMC (NYSE:FTI) Price Target to $56.00

TechnipFMC (NYSE:FTI) had its price objective raised by analysts at TD Cowen from $47.00 to $56.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s price objective would suggest a potential upside of 13.82% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Piper Sandler upped their target price on TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Citigroup boosted their price objective on TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. BNP Paribas Exane upgraded TechnipFMC from a “neutral” rating to an “outperform” rating and set a $47.00 target price on the stock in a research note on Friday, October 10th. Finally, Wall Street Zen raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.46.

TechnipFMC Stock Performance

FTI stock traded up $0.86 during trading on Wednesday, hitting $49.20. 2,367,192 shares of the company’s stock traded hands, compared to its average volume of 3,202,380. The stock has a market capitalization of $19.90 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 0.95 and a beta of 0.66. TechnipFMC has a 52 week low of $22.11 and a 52 week high of $50.09. The stock has a fifty day moving average price of $44.52 and a two-hundred day moving average price of $39.44. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.10. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.60 billion. TechnipFMC had a net margin of 9.67% and a return on equity of 30.23%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the firm posted $0.64 EPS. As a group, equities analysts anticipate that TechnipFMC will post 1.63 EPS for the current fiscal year.

TechnipFMC declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 22nd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 13.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On TechnipFMC

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised its position in shares of TechnipFMC by 5,475.0% during the 3rd quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after buying an additional 657 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of TechnipFMC in the third quarter valued at approximately $32,000. Geneos Wealth Management Inc. increased its stake in shares of TechnipFMC by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 340 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in TechnipFMC during the second quarter worth approximately $44,000. Finally, Huntington National Bank raised its holdings in TechnipFMC by 317.8% during the third quarter. Huntington National Bank now owns 1,195 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 909 shares in the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

About TechnipFMC

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.