Royal Bank of Canada Initiates Coverage on TechnipFMC (NYSE:FTI)

Royal Bank of Canada initiated coverage on shares of TechnipFMC (NYSE:FTI) in a research report released on Monday, MarketBeat.com reports. The brokerage issued an outperform rating and a $37.00 price target on the oil and gas company’s stock.

A number of other research firms have also recently commented on FTI. Citigroup increased their target price on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Barclays raised their price objective on TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. HSBC raised TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Tuesday, October 29th. TD Cowen raised their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, BMO Capital Markets upped their price objective on shares of TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, October 10th. One equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $33.91.

TechnipFMC Trading Up 0.9 %

Shares of NYSE:FTI opened at $29.02 on Monday. The company has a market capitalization of $12.35 billion, a PE ratio of 19.09 and a beta of 1.51. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. TechnipFMC has a 12-month low of $18.33 and a 12-month high of $29.85. The business’s fifty day simple moving average is $26.84 and its 200-day simple moving average is $26.42.

TechnipFMC (NYSE:FTI) last posted its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.25. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The firm’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. As a group, equities research analysts predict that TechnipFMC will post 1.55 earnings per share for the current fiscal year.

TechnipFMC declared that its board has initiated a share repurchase plan on Wednesday, October 23rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

TechnipFMC Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.69%. TechnipFMC’s payout ratio is currently 13.16%.

Institutional Investors Weigh In On TechnipFMC

Hedge funds have recently added to or reduced their stakes in the business. Edgestream Partners L.P. acquired a new position in shares of TechnipFMC in the 1st quarter valued at about $965,000. Raymond James & Associates lifted its holdings in TechnipFMC by 12.0% in the second quarter. Raymond James & Associates now owns 339,386 shares of the oil and gas company’s stock valued at $8,875,000 after acquiring an additional 36,326 shares during the period. Atria Investments Inc acquired a new stake in shares of TechnipFMC during the 1st quarter worth approximately $1,684,000. 1832 Asset Management L.P. increased its holdings in shares of TechnipFMC by 70.6% during the 1st quarter. 1832 Asset Management L.P. now owns 54,735 shares of the oil and gas company’s stock valued at $1,374,000 after purchasing an additional 22,645 shares in the last quarter. Finally, ING Groep NV lifted its stake in shares of TechnipFMC by 15.3% in the 3rd quarter. ING Groep NV now owns 865,294 shares of the oil and gas company’s stock valued at $22,697,000 after purchasing an additional 114,600 shares during the period. 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.