TechnipFMC (NYSE:FTI) Price Target Raised to $56.00

TechnipFMC (NYSE:FTI) had its target price lifted by TD Cowen from $47.00 to $56.00 in a report published on Wednesday morning,Benzinga reports. TD Cowen currently has a buy rating on the oil and gas company’s stock.

FTI has been the topic of several other reports. BNP Paribas Exane raised TechnipFMC from a “neutral” rating to an “outperform” rating and set a $47.00 price objective on the stock in a research report on Friday, October 10th. Zacks Research downgraded TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Royal Bank Of Canada increased their price objective on shares of TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Jefferies Financial Group upped their price objective on TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.46.

TechnipFMC Price Performance

FTI stock opened at $50.06 on Wednesday. TechnipFMC has a 52 week low of $22.11 and a 52 week high of $50.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. The firm’s fifty day moving average is $45.01 and its 200 day moving average is $39.69. The firm has a market cap of $20.25 billion, a P/E ratio of 22.35, a P/E/G ratio of 0.97 and a beta of 0.66.

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

TechnipFMC declared that its board has initiated a stock repurchase plan on Wednesday, October 22nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 13.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Stockholders of record on Tuesday, November 18th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, November 18th. TechnipFMC’s payout ratio is 8.93%.

Hedge Funds Weigh In On TechnipFMC

Hedge funds have recently made changes to their positions in the company. OMNI 360 Wealth Inc. acquired a new position in shares of TechnipFMC in the second quarter valued at about $226,000. AQR Capital Management LLC raised its holdings in TechnipFMC by 13.8% in the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after purchasing an additional 1,202,713 shares during the period. Abacus FCF Advisors LLC acquired a new stake in TechnipFMC in the 3rd quarter valued at $6,182,000. EP Wealth Advisors LLC purchased a new position in TechnipFMC in the 1st quarter valued at about $230,000. Finally, Yousif Capital Management LLC lifted its holdings in TechnipFMC by 1,563.0% in the 3rd quarter. Yousif Capital Management LLC now owns 132,861 shares of the oil and gas company’s stock valued at $5,241,000 after purchasing an additional 124,872 shares in the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

About TechnipFMC

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.