Citigroup Issues Positive Forecast for TechnipFMC (NYSE:FTI) Stock Price

TechnipFMC (NYSE:FTI) had its price target boosted by analysts at Citigroup from $34.00 to $35.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Citigroup’s target price indicates a potential upside of 23.67% from the stock’s previous close.

A number of other brokerages also recently issued reports on FTI. Bank of America increased their price target on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Hsbc Global Res upgraded shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. HSBC upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Tuesday, October 29th. BMO Capital Markets increased their price objective on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. Finally, TD Cowen upped their target price on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $33.60.

TechnipFMC Stock Performance

TechnipFMC stock traded up $0.06 during mid-day trading on Thursday, reaching $28.30. The company’s stock had a trading volume of 1,523,186 shares, compared to its average volume of 4,008,370. The firm’s fifty day moving average price is $26.39 and its two-hundred day moving average price is $26.33. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14. TechnipFMC has a 12-month low of $18.33 and a 12-month high of $29.85. The company has a market capitalization of $12.04 billion, a P/E ratio of 18.59 and a beta of 1.51.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.25. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. Sell-side analysts predict that TechnipFMC will post 1.47 EPS for the current fiscal year.

TechnipFMC declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 23rd that allows the company 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Edgestream Partners L.P. purchased a new position in TechnipFMC in the 1st quarter worth $965,000. Atria Investments Inc bought a new stake in shares of TechnipFMC in the 1st quarter valued at about $1,684,000. Raymond James & Associates boosted its holdings in TechnipFMC by 12.0% during the 2nd quarter. Raymond James & Associates now owns 339,386 shares of the oil and gas company’s stock valued at $8,875,000 after acquiring an additional 36,326 shares during the period. 1832 Asset Management L.P. increased its stake in TechnipFMC by 70.6% in the 1st quarter. 1832 Asset Management L.P. now owns 54,735 shares of the oil and gas company’s stock worth $1,374,000 after purchasing an additional 22,645 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in TechnipFMC in the 1st quarter worth approximately $1,421,000. 96.58% of the stock is owned by hedge funds and other institutional investors.

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.