Piper Sandler Initiates Coverage on TechnipFMC (NYSE:FTI)

Analysts at Piper Sandler began coverage on shares of TechnipFMC (NYSE:FTI) in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $39.00 price target on the oil and gas company’s stock. Piper Sandler’s price target points to a potential upside of 35.18% from the company’s current price.

Several other analysts also recently weighed in on the company. Jefferies Financial Group upgraded TechnipFMC from a “hold” rating to a “buy” rating and upped their price target for the stock from $29.00 to $40.00 in a research note on Friday, December 6th. 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, October 25th. TD Cowen restated a “buy” rating and set a $37.00 price target on shares of TechnipFMC in a report on Wednesday, November 27th. Hsbc Global Res upgraded shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Bank of America lifted their target price on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One equities research 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. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $35.46.

TechnipFMC Stock Performance

Shares of TechnipFMC stock opened at $28.85 on Thursday. The business has a fifty day simple moving average of $28.61 and a two-hundred day simple moving average of $27.04. The firm has a market capitalization of $12.27 billion, a P/E ratio of 18.98 and a beta of 1.54. 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 12 month low of $18.33 and a 12 month 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 EPS for the quarter, topping the consensus estimate of $0.39 by $0.25. The business had revenue of $2.35 billion for 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%. TechnipFMC’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm 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 has initiated a share buyback program on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of TechnipFMC

A number of hedge funds have recently bought and sold shares of FTI. Raymond James & Associates boosted its position in TechnipFMC by 12.0% in the second quarter. Raymond James & Associates now owns 339,386 shares of the oil and gas company’s stock worth $8,875,000 after purchasing an additional 36,326 shares during the last quarter. Fifth Third Bancorp grew its position in TechnipFMC by 7,374.2% during the second quarter. Fifth Third Bancorp now owns 2,317 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 2,286 shares during the period. Calamos Wealth Management LLC grew its position in TechnipFMC by 9.2% during the second quarter. Calamos Wealth Management LLC now owns 37,220 shares of the oil and gas company’s stock valued at $973,000 after buying an additional 3,138 shares during the period. AlphaCentric Advisors LLC increased its holdings in TechnipFMC by 97.0% during the second quarter. AlphaCentric Advisors LLC now owns 6,522 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 3,211 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in TechnipFMC by 10.5% in the second quarter. Bank of New York Mellon Corp now owns 1,322,346 shares of the oil and gas company’s stock worth $34,579,000 after acquiring an additional 126,142 shares during the period. Hedge funds and other institutional investors own 96.58% of the company’s stock.

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.