TD Cowen Reaffirms Buy Rating for TechnipFMC (NYSE:FTI)

TechnipFMC (NYSE:FTI)‘s stock had its “buy” rating reaffirmed by stock analysts at TD Cowen in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $37.00 price objective on the oil and gas company’s stock. TD Cowen’s price objective would indicate a potential upside of 19.32% from the company’s previous close.

Several other research firms have also weighed in on FTI. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Bank of America increased their target price on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Citigroup raised their target price on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, HSBC upgraded TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, TechnipFMC currently has an average rating of “Buy” and an average price target of $33.91.

TechnipFMC Stock Performance

FTI opened at $31.01 on Wednesday. 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 $31.53. The firm has a 50 day moving average of $27.44 and a two-hundred day moving average of $26.56. The firm has a market capitalization of $13.19 billion, a PE ratio of 20.40 and a beta of 1.51.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.25. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the company posted $0.21 earnings per share. The firm’s revenue was up 14.2% compared to the same quarter last year. On average, analysts anticipate that TechnipFMC will post 1.58 EPS for the current year.

TechnipFMC declared that its board has authorized a share buyback program on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On TechnipFMC

A number of large investors have recently made changes to their positions in the stock. Oak Thistle LLC boosted its stake in TechnipFMC by 3.2% during the second quarter. Oak Thistle LLC now owns 13,705 shares of the oil and gas company’s stock worth $358,000 after buying an additional 421 shares during the last quarter. Pallas Capital Advisors LLC boosted its position in shares of TechnipFMC by 5.1% during the 2nd quarter. Pallas Capital Advisors LLC now owns 8,901 shares of the oil and gas company’s stock valued at $246,000 after acquiring an additional 433 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of TechnipFMC by 73.1% in the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 492 shares during the period. Ballentine Partners LLC increased its position in TechnipFMC by 4.8% during the third quarter. Ballentine Partners LLC now owns 11,223 shares of the oil and gas company’s stock worth $294,000 after purchasing an additional 515 shares during the last quarter. Finally, Creative Planning raised its stake in TechnipFMC by 3.2% during the second quarter. Creative Planning now owns 17,392 shares of the oil and gas company’s stock worth $455,000 after purchasing an additional 546 shares during the period. 96.58% of the stock is currently 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.