TechnipFMC (NYSE:FTI) PT Raised to $37.00 at TD Cowen

TechnipFMC (NYSE:FTI) had its price objective hoisted by equities researchers at TD Cowen from $35.00 to $37.00 in a research note issued on Friday, Briefing.com reports. The firm currently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s price objective suggests a potential upside of 43.08% from the stock’s previous close.

Several other equities research analysts have also issued reports on FTI. BMO Capital Markets increased their price objective on shares of TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Monday. Bank of America upped their target price on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Citigroup raised their target price on TechnipFMC from $31.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, Susquehanna upped their price target on TechnipFMC from $34.00 to $35.00 and gave the stock a “positive” rating in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, TechnipFMC has an average rating of “Moderate Buy” and an average target price of $31.19.

TechnipFMC Price Performance

TechnipFMC stock opened at $25.86 on Friday. The firm’s 50-day simple moving average is $26.14 and its 200 day simple moving average is $26.18. The firm has a market capitalization of $11.14 billion, a PE ratio of 55.02 and a beta of 1.50. TechnipFMC has a 52 week low of $18.33 and a 52 week high of $29.85. 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 (NYSE:FTI) last issued its quarterly 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. TechnipFMC had a net margin of 5.72% and a return on equity of 14.36%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm posted $0.21 earnings per share. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. On average, equities research analysts predict that TechnipFMC will post 1.37 EPS for the current fiscal year.

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

Hedge Funds Weigh In On TechnipFMC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. boosted its position in TechnipFMC by 203.6% during the 3rd quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 735 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of TechnipFMC during the third quarter valued at approximately $30,000. Whittier Trust Co. acquired a new position in shares of TechnipFMC during the first quarter worth approximately $29,000. GAMMA Investing LLC grew its holdings in TechnipFMC by 73.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock worth $30,000 after buying an additional 492 shares in the last quarter. Finally, ORG Partners LLC acquired a new stake in TechnipFMC in the 2nd quarter valued at approximately $33,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.

TechnipFMC Company Profile

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.