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

TechnipFMC (NYSE:FTI)‘s stock had its “buy” rating reissued by equities researchers at TD Cowen in a report issued 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 suggest a potential upside of 18.25% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Citigroup increased their target price on TechnipFMC from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. 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. StockNews.com upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Barclays increased their price target on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Bank of America boosted their price objective on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $33.91.

TechnipFMC Stock Performance

NYSE:FTI opened at $31.29 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89. The firm has a market cap of $13.31 billion, a price-to-earnings ratio of 20.59 and a beta of 1.51. The firm’s fifty day moving average price is $27.21 and its 200 day moving average price is $26.50. TechnipFMC has a 1-year low of $18.33 and a 1-year high of $31.30.

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

TechnipFMC announced that its board has approved a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. acquired a new stake in TechnipFMC during the 3rd quarter valued at $185,643,000. Westfield Capital Management Co. LP purchased a new stake in shares of TechnipFMC in the third quarter valued at $49,273,000. Jennison Associates LLC lifted its position in shares of TechnipFMC by 95.0% in the third quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock valued at $61,918,000 after acquiring an additional 1,150,049 shares in the last quarter. Anomaly Capital Management LP boosted its stake in shares of TechnipFMC by 50.3% during the second quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock valued at $89,429,000 after acquiring an additional 1,144,087 shares during the last quarter. Finally, Hardman Johnston Global Advisors LLC increased its position in TechnipFMC by 13.5% during the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after purchasing an additional 1,071,103 shares in the last quarter. 96.58% of the stock is 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.