TechnipFMC (NYSE:FTI) Hits New 1-Year High – Here’s What Happened

TechnipFMC plc (NYSE:FTI) shares hit a new 52-week high on Wednesday . The company traded as high as $51.09 and last traded at $50.41, with a volume of 2647818 shares traded. The stock had previously closed at $49.80.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTI. JPMorgan Chase & Co. increased their target price on TechnipFMC from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 2nd. BNP Paribas Exane upgraded TechnipFMC from a “neutral” rating to an “outperform” rating and set a $47.00 price objective on the stock in a research report on Friday, October 10th. TD Cowen increased their price objective on TechnipFMC from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Jefferies Financial Group lifted their price objective on TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Zacks Research lowered shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

TechnipFMC Stock Up 1.2%

The firm has a market cap of $20.39 billion, a price-to-earnings ratio of 22.50, a PEG ratio of 0.98 and a beta of 0.66. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $45.33 and a 200-day moving average price of $39.99.

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

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 3rd. Investors of record on Tuesday, November 18th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. TechnipFMC’s dividend payout ratio (DPR) is currently 8.93%.

TechnipFMC announced that its board has initiated a stock buyback program on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On TechnipFMC

A number of large investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its stake 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 valued at $26,000 after buying an additional 657 shares during the period. Harbor Investment Advisory LLC acquired a new position in TechnipFMC in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. purchased a new stake in TechnipFMC during the third quarter valued at about $32,000. Geneos Wealth Management Inc. increased its stake in 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 worth $35,000 after acquiring an additional 340 shares during the last quarter. Finally, Huntington National Bank raised its holdings in shares of TechnipFMC by 317.8% in the 3rd 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 during the period. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Company Profile

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.