TechnipFMC (NYSE:FTI) Hits New 12-Month High – Here’s What Happened

TechnipFMC plc (NYSE:FTI)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $77.81 and last traded at $77.2540, with a volume of 153782 shares traded. The stock had previously closed at $76.02.

Analysts Set New Price Targets

Several research firms recently commented on FTI. Jefferies Financial Group reissued a “buy” rating on shares of TechnipFMC in a research note on Sunday, May 31st. Evercore reaffirmed an “outperform” rating and set a $83.00 target price on shares of TechnipFMC in a research note on Friday, May 1st. Citigroup upped their target price on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Piper Sandler raised their price target on shares of TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Finally, Weiss Ratings upgraded shares of TechnipFMC from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, TechnipFMC has an average rating of “Moderate Buy” and an average target price of $69.64.

TechnipFMC Stock Performance

The stock has a market cap of $30.58 billion, a PE ratio of 29.28, a P/E/G ratio of 1.61 and a beta of 0.70. The company has a quick ratio of 0.88, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average of $69.53 and a 200 day moving average of $66.19.

TechnipFMC (NYSE:FTI) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the company posted $0.33 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities analysts predict that TechnipFMC plc will post 3.01 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 19th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC’s dividend payout ratio is 7.63%.

Institutional Investors Weigh In On TechnipFMC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in shares of TechnipFMC by 26.7% in the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company’s stock valued at $751,567,000 after purchasing an additional 3,549,839 shares during the last quarter. State Street Corp increased its position in shares of TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock worth $508,276,000 after purchasing an additional 4,938,498 shares during the last quarter. Invesco Ltd. raised its holdings in TechnipFMC by 64.9% in the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock valued at $502,284,000 after buying an additional 4,437,960 shares during the period. Boston Partners raised its holdings in TechnipFMC by 2.0% in the 3rd quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company’s stock valued at $389,018,000 after buying an additional 192,549 shares during the period. Finally, Geode Capital Management LLC lifted its position in TechnipFMC by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,577,261 shares of the oil and gas company’s stock valued at $337,714,000 after buying an additional 193,244 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Company Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.