TechnipFMC (NYSE:FTI) Hits New 12-Month High – Here’s What Happened

TechnipFMC plc (NYSE:FTI) reached a new 52-week high on Thursday . The stock traded as high as $30.01 and last traded at $29.89, with a volume of 1385981 shares trading hands. The stock had previously closed at $29.00.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTI. HSBC raised TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, October 29th. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada initiated coverage on shares of TechnipFMC in a research note on Monday. They set an “outperform” rating and a $37.00 price target on the stock. BMO Capital Markets raised their target price on shares of TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research note on Thursday, October 10th. 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. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, TechnipFMC has an average rating of “Buy” and an average price target of $33.91.

TechnipFMC Stock Performance

The firm has a market cap of $12.77 billion, a PE ratio of 19.09 and a beta of 1.51. 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 50 day simple moving average of $26.84 and a two-hundred day simple moving average of $26.42.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.25. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 EPS. As a group, equities research analysts forecast that TechnipFMC plc will post 1.55 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s dividend payout ratio (DPR) is currently 13.16%.

TechnipFMC declared that its Board of Directors has approved a share buyback program on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On TechnipFMC

Several institutional investors have recently bought and sold shares of FTI. Pacer Advisors Inc. purchased a new stake in TechnipFMC during the 3rd quarter worth approximately $185,643,000. Price T Rowe Associates Inc. MD increased its position in shares of TechnipFMC by 8.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 40,594,774 shares of the oil and gas company’s stock valued at $1,019,337,000 after acquiring an additional 3,259,348 shares during the period. Westfield Capital Management Co. LP acquired a new stake in TechnipFMC during the 3rd quarter worth about $49,273,000. Jennison Associates LLC grew its stake in TechnipFMC by 95.0% during the 3rd quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock valued at $61,918,000 after purchasing an additional 1,150,049 shares during the last quarter. Finally, Anomaly Capital Management LP raised its stake in shares of TechnipFMC by 50.3% in the second quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock worth $89,429,000 after purchasing an additional 1,144,087 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.