TechnipFMC (NYSE:FTI) Sets New 52-Week High After Dividend Announcement

TechnipFMC plc (NYSE:FTI)’s stock price reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $62.98 and last traded at $62.6420, with a volume of 769825 shares. The stock had previously closed at $61.27.

The newly announced dividend which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.20 annualized dividend and a yield of 0.3%. TechnipFMC’s payout ratio is currently 8.93%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FTI shares. Piper Sandler upped their target price on TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Jefferies Financial Group upped their price objective on shares of TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Barclays raised their target price on shares of TechnipFMC from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, October 27th. TD Cowen reaffirmed a “buy” rating on shares of TechnipFMC in a report on Wednesday, January 7th. Finally, Zacks Research upgraded shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

TechnipFMC Price Performance

The stock has a market cap of $25.33 billion, a P/E ratio of 27.97, a PEG ratio of 1.19 and a beta of 0.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. The business’s fifty day moving average price is $51.41 and its 200 day moving average price is $43.80.

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

Hedge Funds Weigh In On TechnipFMC

Several large investors have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in shares of TechnipFMC by 5,475.0% during the third quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 657 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in TechnipFMC during the 4th quarter worth about $32,000. Newbridge Financial Services Group Inc. bought a new position in TechnipFMC during the 3rd quarter worth approximately $32,000. Geneos Wealth Management Inc. boosted its stake in shares of TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 340 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of TechnipFMC during the fourth quarter worth $41,000. 96.58% of the stock is currently owned by institutional investors.

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.