TechnipFMC (NYSE:FTI) Reaches New 12-Month High – Time to Buy?

TechnipFMC plc (NYSE:FTI) hit a new 52-week high on Monday . The stock traded as high as $59.65 and last traded at $59.49, with a volume of 244140 shares. The stock had previously closed at $59.06.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTI. Citigroup boosted their price objective on TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Zacks Research raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 23rd. TD Cowen restated a “buy” rating on shares of TechnipFMC in a report on Wednesday, January 7th. Finally, Royal Bank Of Canada lifted their price objective on shares of TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, TechnipFMC has a consensus rating of “Moderate Buy” and an average price target of $48.58.

TechnipFMC Stock Performance

The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average price is $49.88 and its 200-day moving average price is $42.92. The firm has a market cap of $24.36 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 1.16 and a beta of 0.69.

TechnipFMC announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 13.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of TechnipFMC

A number of hedge funds and other institutional investors have recently made changes to their positions in FTI. Boston Partners grew its position in TechnipFMC by 267.5% during the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after purchasing an additional 7,038,640 shares during the last quarter. State Street Corp boosted its stake in shares of TechnipFMC by 62.2% during the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock worth $508,276,000 after buying an additional 4,938,498 shares during the period. Norges Bank acquired a new stake in shares of TechnipFMC during the fourth quarter worth about $205,468,000. AQR Capital Management LLC grew its holdings in shares of TechnipFMC by 34.0% during the third quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company’s stock worth $525,339,000 after buying an additional 3,378,159 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in TechnipFMC by 184.0% in the 3rd quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company’s stock valued at $189,460,000 after acquiring an additional 3,111,399 shares during the period. Institutional investors and hedge funds 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.