TechnipFMC (NYSE:FTI) Sets New 12-Month High on Strong Earnings

Shares of TechnipFMC plc (NYSE:FTI) hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $22.29 and last traded at $21.46, with a volume of 531996 shares. The stock had previously closed at $21.73.

The oil and gas company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. TechnipFMC had a positive return on equity of 1.15% and a negative net margin of 1.89%. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the business earned $0.03 earnings per share. TechnipFMC’s revenue for the quarter was up 18.7% compared to the same quarter last year.

TechnipFMC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 6th. Investors of record on Tuesday, November 21st will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $0.20 annualized dividend and a yield of 0.93%. TechnipFMC’s dividend payout ratio (DPR) is currently -66.66%.

TechnipFMC declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Citigroup raised their target price on TechnipFMC from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, August 15th. JPMorgan Chase & Co. raised their target price on TechnipFMC from $17.00 to $22.00 in a research report on Tuesday, July 11th. HSBC raised their target price on TechnipFMC from $13.80 to $23.20 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Jefferies Financial Group cut TechnipFMC from a “buy” rating to a “hold” rating and raised their target price for the stock from $18.00 to $22.00 in a research report on Friday, October 13th. Finally, TheStreet raised TechnipFMC from a “c+” rating to a “b-” rating in a research report on Friday, July 7th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, TechnipFMC has an average rating of “Moderate Buy” and a consensus price target of $22.64.

Institutional Investors Weigh In On TechnipFMC

Several institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of TechnipFMC by 11.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 58,933,447 shares of the oil and gas company’s stock valued at $718,398,000 after buying an additional 5,888,998 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of TechnipFMC by 8.2% in the first quarter. Ameriprise Financial Inc. now owns 20,771,068 shares of the oil and gas company’s stock valued at $283,566,000 after buying an additional 1,575,724 shares during the last quarter. BlackRock Inc. raised its holdings in shares of TechnipFMC by 87.8% in the second quarter. BlackRock Inc. now owns 19,869,072 shares of the oil and gas company’s stock valued at $330,224,000 after buying an additional 9,287,344 shares during the last quarter. Hardman Johnston Global Advisors LLC raised its holdings in shares of TechnipFMC by 1.9% in the second quarter. Hardman Johnston Global Advisors LLC now owns 18,117,906 shares of the oil and gas company’s stock valued at $301,120,000 after buying an additional 345,960 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of TechnipFMC by 16.7% in the first quarter. Van ECK Associates Corp now owns 10,919,212 shares of the oil and gas company’s stock valued at $149,047,000 after buying an additional 1,564,453 shares during the last quarter. Institutional investors and hedge funds own 98.79% of the company’s stock.

TechnipFMC Price Performance

The stock has a fifty day moving average of $20.12 and a 200-day moving average of $17.12. The company has a quick ratio of 0.92, a current ratio of 1.18 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $9.46 billion, a P/E ratio of -72.01 and a beta of 1.76.

About TechnipFMC

TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. 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.