Share Buyback Program Approved by TechnipFMC (NYSE:FTI) Board

TechnipFMC (NYSE:FTI) declared that its board has initiated a stock buyback plan on Wednesday, October 23rd, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. BMO Capital Markets increased their price objective on shares of TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, October 10th. TD Cowen increased their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “buy” rating in a report on Friday. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Monday, October 21st. Susquehanna increased their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a report on Friday. Finally, Bank of America increased their price objective on shares of TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.37.

TechnipFMC Price Performance

Shares of NYSE FTI opened at $26.47 on Friday. The firm has a 50-day simple moving average of $26.13 and a 200-day simple moving average of $26.18. The stock has a market capitalization of $11.41 billion, a price-to-earnings ratio of 56.32 and a beta of 1.50. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.23. TechnipFMC has a 52 week low of $18.33 and a 52 week high of $29.85.

TechnipFMC (NYSE:FTI) last released its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.25. TechnipFMC had a net margin of 5.72% and a return on equity of 14.36%. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the business earned $0.21 earnings per share. TechnipFMC’s revenue was up 14.2% compared to the same quarter last year. On average, equities analysts predict that TechnipFMC will post 1.37 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company 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. This represents a $0.20 annualized dividend and a yield of 0.76%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s payout ratio is currently 42.55%.

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.