TechnipFMC (NYSE:FTI) Sets New 12-Month High – Here’s Why

TechnipFMC plc (NYSE:FTI) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.62 and last traded at $31.24, with a volume of 217538 shares trading hands. The stock had previously closed at $31.31.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada started coverage on TechnipFMC in a research report on Monday, November 18th. They issued an “outperform” rating and a $37.00 price target for the company. TD Cowen reaffirmed a “buy” rating and set a $37.00 target price on shares of TechnipFMC in a research note on Wednesday, November 27th. Citigroup raised their price target on shares of TechnipFMC from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Bank of America upped their price objective on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Barclays raised their price objective on TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $33.91.

TechnipFMC Stock Up 0.7 %

The firm’s 50 day simple moving average is $27.69 and its two-hundred day simple moving average is $26.66. The firm has a market cap of $13.41 billion, a price-to-earnings ratio of 20.74 and a beta of 1.54. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.39 by $0.25. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period last year, the firm earned $0.21 EPS. On average, equities analysts forecast that TechnipFMC plc will post 1.58 EPS for the current year.

TechnipFMC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.63%. TechnipFMC’s dividend payout ratio is currently 13.16%.

TechnipFMC declared that its board has initiated a share buyback plan on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On TechnipFMC

Institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. bought a new stake in shares of TechnipFMC during the third quarter worth $185,643,000. Westfield Capital Management Co. LP bought a new position in TechnipFMC in the third quarter valued at about $49,273,000. Jennison Associates LLC grew its holdings in shares of TechnipFMC by 95.0% during the third quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock worth $61,918,000 after purchasing an additional 1,150,049 shares during the last quarter. Anomaly Capital Management LP raised its holdings in TechnipFMC by 50.3% in the 2nd quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock valued at $89,429,000 after buying an additional 1,144,087 shares during the last quarter. Finally, Hardman Johnston Global Advisors LLC grew its holdings in TechnipFMC by 13.5% during the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after acquiring an additional 1,071,103 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

About TechnipFMC

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.