Citigroup Boosts TechnipFMC (NYSE:FTI) Price Target to $35.00

TechnipFMC (NYSE:FTI) had its price objective upped by Citigroup from $34.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Citigroup’s price target suggests a potential upside of 24.29% from the company’s previous close.

Several other research analysts have also issued reports on the company. Bank of America boosted their target price on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, October 14th. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Friday, November 1st. HSBC raised TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research report on Tuesday, October 29th. BMO Capital Markets lifted their target price on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. Finally, Barclays upped their price target on shares of TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $33.60.

TechnipFMC Price Performance

Shares of TechnipFMC stock opened at $28.16 on Thursday. The stock has a 50 day moving average price of $26.54 and a 200-day moving average price of $26.35. TechnipFMC has a one year low of $18.33 and a one year high of $29.85. The stock has a market cap of $11.98 billion, a price-to-earnings ratio of 18.53 and a beta of 1.51. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The business’s revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 earnings per share. Equities analysts expect that TechnipFMC will post 1.47 EPS for the current year.

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

Hedge Funds Weigh In On TechnipFMC

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in TechnipFMC by 203.6% in the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 735 shares in the last quarter. GAMMA Investing LLC raised 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 acquiring an additional 492 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in TechnipFMC during the third quarter valued at approximately $30,000. ORG Partners LLC acquired a new stake in TechnipFMC in the second quarter valued at approximately $33,000. Finally, Crewe Advisors LLC purchased a new position in TechnipFMC in the second quarter worth $51,000. 96.58% of the stock is owned by hedge funds and other 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.