TechnipFMC (NYSE:FTI) Sets New 1-Year High – What’s Next?

TechnipFMC plc (NYSE:FTI) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $53.85 and last traded at $53.92, with a volume of 326766 shares changing hands. The stock had previously closed at $52.20.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FTI. TD Cowen increased their price objective on TechnipFMC from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Jefferies Financial Group raised their price objective on TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Piper Sandler lifted their price objective on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. BNP Paribas Exane raised shares of TechnipFMC from a “neutral” rating to an “outperform” rating and set a $47.00 price target on the stock in a research report on Friday, October 10th. Finally, Royal Bank Of Canada upped their price objective on shares of TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.46.

TechnipFMC Stock Up 2.8%

The stock’s 50-day moving average price is $46.26 and its two-hundred day moving average price is $40.60. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $21.70 billion, a P/E ratio of 23.94, a P/E/G ratio of 1.01 and a beta of 0.66.

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

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in shares of TechnipFMC by 5,475.0% in the third 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. Harbor Investment Advisory LLC bought a new position in shares of TechnipFMC in the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of TechnipFMC in the third quarter worth $32,000. Geneos Wealth Management Inc. boosted 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 valued at $35,000 after buying an additional 340 shares during the period. Finally, Huntington National Bank grew its position 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 buying an additional 909 shares in the last quarter. 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.