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

TechnipFMC plc (NYSE:FTI)’s stock price hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $29.08 and last traded at $29.07, with a volume of 2528431 shares trading hands. The stock had previously closed at $27.29.

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

TechnipFMC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Investors 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 yield of 0.69%. The ex-dividend date of this dividend is Tuesday, August 20th. TechnipFMC’s dividend payout ratio (DPR) is 42.55%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Piper Sandler upped their price target on TechnipFMC from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Susquehanna upped their price target on TechnipFMC from $34.00 to $35.00 and gave the company a “positive” rating in a report on Friday. Citigroup upped their price target on TechnipFMC from $31.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Barclays upped their price target on TechnipFMC from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, April 29th. Finally, Bank of America upped their price target on TechnipFMC from $24.00 to $28.50 and gave the company a “buy” rating in a report on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company 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 on Wednesday, June 26th. The stock was sold at an average price of $25.81, for a total transaction of $153,001.68. Following the completion of the sale, the chief accounting officer now directly owns 11,534 shares of the company’s stock, valued at $297,692.54. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.06% of the company’s stock.

Institutional Investors Weigh In On TechnipFMC

Several hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in TechnipFMC by 8.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 40,594,774 shares of the oil and gas company’s stock worth $1,019,337,000 after acquiring an additional 3,259,348 shares in the last quarter. Norges Bank purchased a new position in TechnipFMC in the fourth quarter worth $61,570,000. Balyasny Asset Management L.P. raised its position in TechnipFMC by 868.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,132,166 shares of the oil and gas company’s stock worth $63,082,000 after acquiring an additional 2,808,618 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in TechnipFMC in the fourth quarter worth $37,976,000. Finally, TD Asset Management Inc raised its position in TechnipFMC by 182.8% in the fourth quarter. TD Asset Management Inc now owns 1,680,716 shares of the oil and gas company’s stock worth $33,850,000 after acquiring an additional 1,086,400 shares in the last quarter. 96.58% of the stock is owned by institutional investors and hedge funds.

TechnipFMC Price Performance

The company has a 50-day simple moving average of $26.03 and a 200-day simple moving average of $24.07. The stock has a market cap of $12.44 billion, a PE ratio of 61.43 and a beta of 1.52. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.87.

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.