TechnipFMC (NYSE:FTI) Issues Quarterly Earnings Results

TechnipFMC (NYSE:FTI) issued its quarterly earnings results on Thursday. The oil and gas company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.25, Briefing.com reports. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. TechnipFMC had a return on equity of 14.36% and a net margin of 5.72%. The company’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 earnings per share. TechnipFMC updated its FY 2024 guidance to EPS.

TechnipFMC Stock Performance

NYSE:FTI opened at $26.48 on Friday. The company has a fifty day moving average of $26.13 and a two-hundred day moving average of $26.18. TechnipFMC has a fifty-two week low of $18.33 and a fifty-two week high of $29.85. The stock has a market capitalization of $11.34 billion, a PE ratio of 24.29 and a beta of 1.50. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 1.10.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th will be given a $0.05 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.76%. TechnipFMC’s dividend payout ratio (DPR) is currently 18.35%.

TechnipFMC announced that its board has initiated a share repurchase plan on Wednesday, October 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FTI has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Monday, October 21st. Bank of America raised their target price on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. BMO Capital Markets boosted their price target on TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a research note on Thursday, October 10th. TD Cowen raised their price objective on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Citigroup upped their target price on TechnipFMC from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.37.

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.