TechnipFMC (NYSE:FTI) Posts Earnings Results, Beats Expectations By $0.25 EPS

TechnipFMC (NYSE:FTI) issued its earnings results on Thursday. The oil and gas company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.39 by $0.25, Briefing.com reports. TechnipFMC had a return on equity of 14.36% and a net margin of 5.72%. The company 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 company posted $0.21 EPS. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. TechnipFMC updated its FY 2024 guidance to EPS.

TechnipFMC Price Performance

FTI traded up $0.67 on Friday, hitting $26.53. 1,156,694 shares of the stock were exchanged, compared to its average volume of 4,067,567. TechnipFMC has a 12 month low of $18.33 and a 12 month high of $29.85. The business has a 50-day moving average of $26.14 and a two-hundred day moving average of $26.18. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.10 and a quick ratio of 0.84. The firm has a market capitalization of $11.43 billion, a price-to-earnings ratio of 56.34 and a beta of 1.50.

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date of this dividend is Tuesday, November 19th. TechnipFMC’s payout ratio is currently 42.55%.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on FTI shares. TD Cowen lifted their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday. Bank of America upped their price target on shares of TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Citigroup raised their price objective on shares of TechnipFMC from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. StockNews.com raised TechnipFMC from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Susquehanna increased their target price on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.37.

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.