BNP Paribas upgraded shares of TechnipFMC (NYSE:FTI – Get Rating) from a neutral rating to an outperform rating in a report issued on Wednesday morning, MarketBeat reports. BNP Paribas currently has $14.50 target price on the oil and gas company's stock.
FTI has been the topic of a number of other research reports. Benchmark initiated coverage on TechnipFMC in a research report on Wednesday, August 24th. They issued a buy rating and a $12.00 price objective on the stock. Cowen dropped their price target on TechnipFMC from $15.00 to $14.00 and set an outperform rating for the company in a research report on Thursday, June 23rd. Bank of America upgraded shares of TechnipFMC from a neutral rating to a buy rating and decreased their price objective for the stock from $9.50 to $8.00 in a research report on Friday, July 15th. Cowen dropped their target price on shares of TechnipFMC from $15.00 to $14.00 and set an outperform rating for the company in a research report on Thursday, June 23rd. Finally, Exane BNP Paribas raised shares of TechnipFMC from a neutral rating to an outperform rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $11.35.
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TechnipFMC Stock Performance
Shares of FTI opened at $8.35 on Wednesday. TechnipFMC has a 52-week low of $5.47 and a 52-week high of $9.49. The stock's 50-day simple moving average is $8.20 and its 200 day simple moving average is $7.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.29. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of -15.18 and a beta of 1.87.
TechnipFMC (NYSE:FTI – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The firm had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.71 billion. TechnipFMC had a negative return on equity of 2.48% and a negative net
margin of 3.88%. The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) earnings per share. Research analysts forecast that TechnipFMC will post 0.16 EPS for the current fiscal year.
TechnipFMC declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 27th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 13.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.
Hedge Funds Weigh In On TechnipFMC
Institutional investors have recently modified their holdings of the company. Allworth Financial LP bought a new position in TechnipFMC during the 1st quarter worth approximately $28,000. Cubist Systematic Strategies LLC grew its position in TechnipFMC by 20.8% during the 4th quarter. Cubist Systematic Strategies LLC now owns 857,673 shares of the oil and gas company's stock worth $5,077,000 after acquiring an additional 147,472 shares during the last quarter. Moody Aldrich Partners LLC bought a new position in TechnipFMC during the 1st quarter worth approximately $1,586,000. Fifth Third Bancorp grew its position in TechnipFMC by 62.6% during the 1st quarter. Fifth Third Bancorp now owns 57,531 shares of the oil and gas company's stock worth $446,000 after acquiring an additional 22,151 shares during the last quarter. Finally, Janney Capital Management LLC grew its position in TechnipFMC by 22.4% during the 1st quarter. Janney Capital Management LLC now owns 44,042 shares of the oil and gas company's stock worth $341,000 after acquiring an additional 8,072 shares during the last quarter. 93.11% of the stock is currently owned by institutional investors.
About TechnipFMC
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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.
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