TechnipFMC (NYSE:FTI) Given New $56.00 Price Target at TD Cowen

TechnipFMC (NYSE:FTI) had its target price raised by research analysts at TD Cowen from $47.00 to $56.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s price objective would suggest a potential upside of 13.82% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Zacks Research cut TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Cowen reissued a “buy” rating on shares of TechnipFMC in a research note on Wednesday. Jefferies Financial Group boosted their price objective on TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. UBS Group reiterated an “outperform” rating on shares of TechnipFMC in a report on Tuesday, October 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of TechnipFMC from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.46.

TechnipFMC Price Performance

Shares of NYSE FTI traded up $0.86 during midday trading on Wednesday, reaching $49.20. The company’s stock had a trading volume of 2,367,192 shares, compared to its average volume of 3,202,380. TechnipFMC has a one year low of $22.11 and a one year high of $50.09. The company has a market cap of $19.90 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 0.95 and a beta of 0.66. The company has a 50 day moving average price of $44.52 and a 200 day moving average price of $39.44. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.10. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.60 billion. TechnipFMC had a net margin of 9.67% and a return on equity of 30.23%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. On average, equities research analysts expect that TechnipFMC will post 1.63 EPS for the current year.

TechnipFMC declared that its board has authorized a stock buyback plan on Wednesday, October 22nd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 13.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of TechnipFMC

Hedge funds have recently made changes to their positions in the stock. Boston Partners grew its holdings in shares of TechnipFMC by 267.5% during the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock valued at $333,041,000 after acquiring an additional 7,038,640 shares in the last quarter. State Street Corp boosted its position in TechnipFMC by 62.2% during the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after purchasing an additional 4,938,498 shares during the last quarter. Norges Bank purchased a new position in TechnipFMC in the second quarter valued at about $151,413,000. AQR Capital Management LLC increased its position in TechnipFMC by 34.0% in the 3rd quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company’s stock worth $525,339,000 after purchasing an additional 3,378,159 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in TechnipFMC by 184.0% in the 3rd quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company’s stock worth $189,460,000 after purchasing an additional 3,111,399 shares during the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

About TechnipFMC

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.