TechnipFMC (NYSE:FTI) Sets New 12-Month High on Better-Than-Expected Earnings

Shares of TechnipFMC plc (NYSE:FTI) reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $29.08 and last traded at $29.07, with a volume of 2528431 shares changing hands. The stock had previously closed at $27.29.

The oil and gas company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.12. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.23 billion. TechnipFMC had a net margin of 5.72% and a return on equity of 14.36%. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share.

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Tuesday, August 20th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Tuesday, August 20th. TechnipFMC’s payout ratio is presently 42.55%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FTI shares. Susquehanna upped their price objective on shares of TechnipFMC from $34.00 to $35.00 and gave the stock a “positive” rating in a research note on Friday. Citigroup upped their price objective on shares of TechnipFMC from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Piper Sandler upped their price objective on shares of TechnipFMC from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, May 6th. TD Cowen upped their price objective on shares of TechnipFMC from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, Benchmark reissued a “buy” rating and set a $30.00 price target on shares of TechnipFMC in a research report on Friday, April 26th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.62.

Insider Buying and Selling

In related news, CAO David Light sold 5,928 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $25.81, for a total value of $153,001.68. Following the transaction, the chief accounting officer now owns 11,534 shares in the company, valued at approximately $297,692.54. The sale was disclosed in a filing with the SEC, which is available through this link. 1.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TechnipFMC

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pallas Capital Advisors LLC grew its stake in shares of TechnipFMC by 5.1% during the 2nd quarter. Pallas Capital Advisors LLC now owns 8,901 shares of the oil and gas company’s stock worth $246,000 after purchasing an additional 433 shares during the period. GAMMA Investing LLC grew its stake in shares of TechnipFMC by 73.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 492 shares during the period. Inceptionr LLC grew its stake in shares of TechnipFMC by 2.2% during the 4th quarter. Inceptionr LLC now owns 24,612 shares of the oil and gas company’s stock worth $496,000 after purchasing an additional 540 shares during the period. Quarry LP grew its stake in shares of TechnipFMC by 76.6% during the 4th quarter. Quarry LP now owns 1,770 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 768 shares during the period. Finally, Janney Capital Management LLC grew its stake in shares of TechnipFMC by 3.1% during the 4th quarter. Janney Capital Management LLC now owns 27,688 shares of the oil and gas company’s stock worth $558,000 after purchasing an additional 839 shares during the period. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Stock Up 1.7 %

The firm has a market cap of $12.44 billion, a price-to-earnings ratio of 61.43 and a beta of 1.52. The business’s 50 day moving average price is $26.03 and its 200 day moving average price is $24.07. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.87 and a current ratio of 1.10.

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.