TechnipFMC (NYSE:FTI) Reaches New 12-Month High – Here’s What Happened

TechnipFMC plc (NYSE:FTI)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.96 and last traded at $56.7150, with a volume of 1438886 shares changing hands. The stock had previously closed at $56.45.

Analysts Set New Price Targets

Several analysts recently issued reports on FTI shares. Weiss Ratings reissued a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Piper Sandler lifted their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Royal Bank Of Canada lifted their price objective on TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Susquehanna increased their target price on TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research report on Wednesday, January 7th. Finally, Citigroup lifted their price target on TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

TechnipFMC Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. The stock’s 50-day moving average is $48.33 and its two-hundred day moving average is $41.91. The stock has a market cap of $23.18 billion, a PE ratio of 25.58, a PEG ratio of 1.08 and a beta of 0.66.

TechnipFMC announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 22nd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 13.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On TechnipFMC

A number of hedge funds have recently added to or reduced their stakes in FTI. Ethic Inc. grew its holdings in shares of TechnipFMC by 10.8% during the fourth quarter. Ethic Inc. now owns 104,956 shares of the oil and gas company’s stock worth $4,677,000 after buying an additional 10,231 shares in the last quarter. MGO One Seven LLC boosted its holdings in shares of TechnipFMC by 4.3% in the 4th quarter. MGO One Seven LLC now owns 24,399 shares of the oil and gas company’s stock valued at $1,087,000 after purchasing an additional 1,006 shares during the last quarter. Allegiance Financial Group Advisory Services LLC increased its stake in TechnipFMC by 42.4% during the fourth quarter. Allegiance Financial Group Advisory Services LLC now owns 7,774 shares of the oil and gas company’s stock worth $346,000 after acquiring an additional 2,314 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in TechnipFMC by 101.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 21,215 shares of the oil and gas company’s stock valued at $945,000 after buying an additional 10,700 shares during the period. Finally, Praxis Investment Management Inc. acquired a new stake in TechnipFMC in the 4th quarter valued at $493,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Company Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.