The Goldman Sachs Group Begins Coverage on TechnipFMC (NYSE:FTI)

Research analysts at The Goldman Sachs Group assumed coverage on shares of TechnipFMC (NYSE:FTI) in a research note issued on Friday,Benzinga reports. The firm set a “buy” rating and a $38.00 price target on the oil and gas company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 23.06% from the company’s current price.

Other analysts have also issued research reports about the stock. Susquehanna raised their price target on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a report on Friday, October 25th. Barclays raised their price target on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Hsbc Global Res raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Finally, BMO Capital Markets lifted their target price on shares of TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a report on Thursday, October 10th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $34.69.

TechnipFMC Stock Performance

NYSE FTI opened at $30.88 on Friday. The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 20.32 and a beta of 1.54. The company has a 50 day moving average of $28.38 and a 200-day moving average of $26.92. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. TechnipFMC has a 1-year low of $18.33 and a 1-year high of $32.64.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.25. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The company’s revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the business posted $0.21 earnings per share. On average, equities analysts forecast that TechnipFMC will post 1.61 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On TechnipFMC

Hedge funds and other institutional investors have recently made changes to their positions in the company. Oak Thistle LLC lifted its position in TechnipFMC by 3.2% in the 2nd quarter. Oak Thistle LLC now owns 13,705 shares of the oil and gas company’s stock valued at $358,000 after acquiring an additional 421 shares in the last quarter. Pallas Capital Advisors LLC lifted its position in TechnipFMC by 5.1% in the 2nd quarter. Pallas Capital Advisors LLC now owns 8,901 shares of the oil and gas company’s stock valued at $246,000 after acquiring an additional 433 shares in the last quarter. Ballentine Partners LLC lifted its position in TechnipFMC by 4.8% in the 3rd quarter. Ballentine Partners LLC now owns 11,223 shares of the oil and gas company’s stock valued at $294,000 after acquiring an additional 515 shares in the last quarter. Creative Planning lifted its position in TechnipFMC by 3.2% in the 2nd quarter. Creative Planning now owns 17,392 shares of the oil and gas company’s stock valued at $455,000 after acquiring an additional 546 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in TechnipFMC by 2.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 26,963 shares of the oil and gas company’s stock valued at $702,000 after acquiring an additional 616 shares in the last quarter. 96.58% of the stock is owned by 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.