TechnipFMC (NYSE:FTI) Board Announces Share Repurchase Plan

TechnipFMC (NYSE:FTI) announced that its Board of Directors has initiated a share buyback program on Wednesday, October 23rd, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

TechnipFMC Stock Performance

FTI stock traded down $0.45 during midday trading on Wednesday, reaching $25.15. The company had a trading volume of 7,254,531 shares, compared to its average volume of 4,070,034. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average price of $26.18 and a 200 day moving average price of $26.19. TechnipFMC has a fifty-two week low of $18.33 and a fifty-two week high of $29.85. The firm has a market capitalization of $10.84 billion, a PE ratio of 53.51 and a beta of 1.50.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, July 25th. The oil and gas company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.12. TechnipFMC had a return on equity of 14.36% and a net margin of 5.72%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. TechnipFMC’s quarterly revenue was up 17.9% compared to the same quarter last year. Analysts anticipate that TechnipFMC will post 1.37 earnings per share for the current year.

TechnipFMC Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.80%. TechnipFMC’s dividend payout ratio is presently 42.55%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Bank of America lifted 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 boosted their price objective on TechnipFMC from $31.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Susquehanna boosted their price objective on TechnipFMC from $34.00 to $35.00 and gave the company a “positive” rating in a report on Friday, July 26th. BMO Capital Markets boosted their price objective on TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, October 10th. Finally, StockNews.com raised TechnipFMC from a “hold” rating to a “buy” rating in a report on Monday. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.74.

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.