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

Equities research analysts at Royal Bank of Canada initiated coverage on shares of TechnipFMC (NYSE:FTI) in a report issued on Monday, Marketbeat reports. The firm set an “outperform” rating and a $37.00 price target on the oil and gas company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 28.54% from the company’s current price.

Other analysts also recently issued research reports about the stock. HSBC raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, October 29th. Bank of America raised their price target on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Barclays upped their price objective on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Susquehanna upped their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $33.91.

TechnipFMC Price Performance

FTI stock opened at $28.79 on Monday. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The firm has a market cap of $12.25 billion, a price-to-earnings ratio of 18.94 and a beta of 1.51. The company’s fifty day simple moving average is $26.74 and its 200 day simple moving average is $26.40. TechnipFMC has a 12-month low of $18.33 and a 12-month high of $29.85.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $0.21 EPS. The firm’s revenue was up 14.2% compared to the same quarter last year. On average, analysts expect that TechnipFMC will post 1.55 earnings per share for the current year.

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

Hedge Funds Weigh In On TechnipFMC

Several institutional investors have recently modified their holdings of FTI. Pacer Advisors Inc. purchased a new position in TechnipFMC in the third quarter worth $185,643,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of TechnipFMC by 8.7% in the 1st 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 buying an additional 3,259,348 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in TechnipFMC during the third quarter valued at about $49,273,000. Jennison Associates LLC increased its holdings in TechnipFMC by 95.0% during the third quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock worth $61,918,000 after buying an additional 1,150,049 shares during the last quarter. Finally, Anomaly Capital Management LP raised its position in TechnipFMC by 50.3% in the second quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock worth $89,429,000 after acquiring an additional 1,144,087 shares during the period. 96.58% of the stock is owned by institutional investors.

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.