TechnipFMC (NYSE:FTI) to Buyback $1.00 billion in Shares

TechnipFMC (NYSE:FTI) declared that its Board of Directors has authorized a share repurchase 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 reacquire 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 shares are undervalued.

TechnipFMC Trading Up 2.8 %

Shares of FTI stock opened at $25.86 on Friday. The company has a current ratio of 1.10, a quick ratio of 0.84 and a debt-to-equity ratio of 0.23. The stock has a market cap of $11.14 billion, a P/E ratio of 55.02 and a beta of 1.50. The stock has a 50 day simple moving average of $26.14 and a 200 day simple moving average of $26.18. TechnipFMC has a 1 year low of $18.33 and a 1 year high of $29.85.

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

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 paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.77%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s dividend payout ratio (DPR) is currently 42.55%.

Wall Street Analysts Forecast Growth

FTI has been the topic of a number of recent analyst reports. Bank of America boosted their price target on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Susquehanna boosted their price target on TechnipFMC from $34.00 to $35.00 and gave the stock a “positive” rating in a research report on Friday, July 26th. Citigroup boosted their price target on TechnipFMC from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Monday. Finally, BMO Capital Markets boosted their price objective on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a report on Thursday, October 10th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.74.

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.