TechnipFMC (NYSE:FTI) Hits New 12-Month High – Here’s Why

Shares of TechnipFMC plc (NYSE:FTI) hit a new 52-week high during trading on Tuesday . The stock traded as high as $55.24 and last traded at $54.58, with a volume of 2827277 shares trading hands. The stock had previously closed at $54.26.

Analysts Set New Price Targets

FTI has been the subject of a number of analyst reports. Zacks Research cut TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Barclays lifted their price target on shares of TechnipFMC from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Citigroup upped their price objective on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. JPMorgan Chase & Co. raised their price objective on shares of TechnipFMC from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Finally, Susquehanna boosted their target price on TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a report on Wednesday, January 7th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, TechnipFMC currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Stock Performance

The company has a market capitalization of $22.08 billion, a P/E ratio of 24.37, a P/E/G ratio of 1.06 and a beta of 0.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $47.15 and its two-hundred day simple moving average is $41.14.

TechnipFMC declared that its board has authorized a share buyback plan on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 13.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On TechnipFMC

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Partners boosted its holdings in TechnipFMC by 267.5% during the second quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after buying an additional 7,038,640 shares during the last quarter. State Street Corp raised its position in shares of TechnipFMC by 62.2% in the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after acquiring an additional 4,938,498 shares during the period. Norges Bank acquired a new stake in shares of TechnipFMC in the 2nd quarter valued at approximately $151,413,000. AQR Capital Management LLC boosted its stake in TechnipFMC by 34.0% during the 3rd quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company’s stock worth $525,339,000 after acquiring an additional 3,378,159 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in TechnipFMC by 184.0% during the third quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company’s stock valued at $189,460,000 after purchasing an additional 3,111,399 shares during the period. Institutional investors own 96.58% of the company’s stock.

About TechnipFMC

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.