TD Cowen Reaffirms “Buy” Rating for TechnipFMC (NYSE:FTI)

TechnipFMC (NYSE:FTI)‘s stock had its “buy” rating reaffirmed by equities research analysts at TD Cowen in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $37.00 target price on the oil and gas company’s stock. TD Cowen’s target price points to a potential upside of 19.32% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. HSBC upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Tuesday, October 29th. Royal Bank of Canada began coverage on TechnipFMC in a report on Monday, November 18th. They issued an “outperform” rating and a $37.00 target price for the company. BMO Capital Markets boosted their target price on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research note on Thursday, October 10th. Barclays lifted their price objective on TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, StockNews.com upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, TechnipFMC has an average rating of “Buy” and a consensus price target of $33.91.

TechnipFMC Trading Down 0.1 %

FTI opened at $31.01 on Wednesday. TechnipFMC has a 52 week low of $18.33 and a 52 week high of $31.53. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $27.44 and a 200-day simple moving average of $26.56. The firm has a market cap of $13.19 billion, a P/E ratio of 20.40 and a beta of 1.51.

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

TechnipFMC announced that its Board of Directors has approved a stock buyback program on Wednesday, October 23rd that authorizes the company 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 stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On TechnipFMC

A number of institutional investors and hedge funds have recently bought and sold shares of FTI. Hardman Johnston Global Advisors LLC grew its holdings in shares of TechnipFMC by 13.5% during the third 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 purchasing an additional 1,071,103 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of TechnipFMC by 2.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,733,621 shares of the oil and gas company’s stock valued at $228,384,000 after purchasing an additional 204,435 shares during the period. State Street Corp grew its stake in TechnipFMC by 1.7% during the 3rd quarter. State Street Corp now owns 8,200,548 shares of the oil and gas company’s stock worth $215,100,000 after buying an additional 133,775 shares during the last quarter. Pacer Advisors Inc. acquired a new position in TechnipFMC during the third quarter worth approximately $185,643,000. Finally, Franklin Resources Inc. lifted its stake in TechnipFMC by 23.0% in the third quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock valued at $98,838,000 after buying an additional 679,748 shares during the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

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.