TechnipFMC (NYSE:FTI) Announces Quarterly Earnings Results

TechnipFMC (NYSE:FTI) issued its earnings results on Thursday. The oil and gas company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.39 by $0.25, Briefing.com reports. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. TechnipFMC had a return on equity of 14.36% and a net margin of 5.72%. The business’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 earnings per share. TechnipFMC updated its FY 2024 guidance to EPS.

TechnipFMC Stock Up 2.6 %

Shares of FTI stock traded up $0.67 on Friday, reaching $26.53. 1,156,694 shares of the company were exchanged, compared to its average volume of 4,067,567. The company has a market cap of $11.43 billion, a price-to-earnings ratio of 56.34 and a beta of 1.50. The company has a 50-day moving average of $26.14 and a 200-day moving average of $26.18. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.10 and a quick ratio of 0.84. TechnipFMC has a one year low of $18.33 and a one year high of $29.85.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.75%. TechnipFMC’s dividend payout ratio (DPR) is presently 42.55%.

TechnipFMC declared that its board has initiated a share buyback program on Wednesday, October 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have commented on the company. BMO Capital Markets boosted their target price on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research note on Thursday, October 10th. Citigroup upped their price objective on TechnipFMC from $31.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Susquehanna upped their price objective on TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Monday. Finally, TD Cowen raised their price target on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.37.

TechnipFMC Company Profile

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.