Share Buyback Program Approved by TechnipFMC (NYSE:FTI) Board

TechnipFMC (NYSE:FTI) announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 23rd, RTT News reports. The company plans to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Citigroup lifted their price target on shares of TechnipFMC from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. TD Cowen lifted their price target on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday. StockNews.com upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Monday, October 21st. Susquehanna raised their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday. Finally, Bank of America raised their price objective on shares of TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.37.

TechnipFMC Stock Up 2.4 %

Shares of TechnipFMC stock opened at $26.47 on Friday. TechnipFMC has a 52-week low of $18.33 and a 52-week high of $29.85. The company has a 50 day moving average of $26.13 and a 200 day moving average of $26.18. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $11.41 billion, a P/E ratio of 56.32 and a beta of 1.50.

TechnipFMC (NYSE:FTI) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a net margin of 5.72% and a return on equity of 14.36%. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The firm’s quarterly revenue was up 14.2% on a year-over-year basis. As a group, research analysts forecast that TechnipFMC will post 1.37 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be paid a $0.05 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a yield of 0.76%. TechnipFMC’s dividend payout ratio is currently 42.55%.

About TechnipFMC

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.