TechnipFMC (NYSE:FTI) Stock Price Target Raised at Piper Sandler

Key Points

• Piper Sandler raised TechnipFMC’s price target from $85 to $88 while maintaining an “overweight” rating, implying 31.7% upside from the prior close.
• Analyst sentiment remains broadly positive: TechnipFMC has a consensus “Buy” rating and an average target price of $78.18, with UBS and Citigroup also assigning buy ratings.
• The company exceeded quarterly expectations, reporting $1.05 in adjusted EPS versus $0.88 expected and revenue of $2.90 billion, up 9.4% year over year.

TechnipFMC (NYSE:FTI - Get Free Report) had its price objective hoisted by equities researchers at Piper Sandler from $85.00 to $88.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's price target points to a potential upside of 31.70% from the stock's previous close.

Other analysts also recently issued reports about the company. UBS Group began coverage on TechnipFMC in a research note on Monday, October 12th. They issued a "buy" rating and a $89.00 price objective on the stock. Citigroup upped their price objective on shares of TechnipFMC from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, September 15th. Wall Street Zen downgraded shares of TechnipFMC from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings cut shares of TechnipFMC from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday. Finally, Susquehanna dropped their price target on TechnipFMC from $90.00 to $85.00 and set a "positive" rating for the company in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, TechnipFMC currently has a consensus rating of "Buy" and an average target price of $78.18.

TechnipFMC Price Performance

NYSE:FTI opened at $66.82 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.08 and a debt-to-equity ratio of 0.10. The stock's 50 day moving average price is $72.11 and its two-hundred day moving average price is $69.07. TechnipFMC has a 12-month low of $41.06 and a 12-month high of $80.70. The firm has a market capitalization of $26.20 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 1.14 and a beta of 0.83.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.17. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%. The business had revenue of $2.90 billion during the quarter, compared to analysts' expectations of $2.79 billion. During the same period in the previous year, the company posted $0.75 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, analysts anticipate that TechnipFMC will post 3.23 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Thierry Conti sold 6,000 shares of the business's stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $71.85, for a total value of $431,100.00. Following the completion of the sale, the insider directly owned 85,813 shares of the company's stock, valued at $6,165,664.05. The trade was a 6.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Mullins bought 6,365 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $78.55 per share, with a total value of $499,970.75. Following the completion of the transaction, the director owned 8,070 shares of the company's stock, valued at $633,898.50. This represents a 373.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On TechnipFMC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTI. BlackRock Inc. bought a new stake in shares of TechnipFMC during the 2nd quarter valued at $3,081,514,000. Amundi boosted its stake in shares of TechnipFMC by 72.6% during the second quarter. Amundi now owns 4,358,115 shares of the oil and gas company's stock valued at $288,943,000 after purchasing an additional 1,832,581 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of TechnipFMC during the second quarter valued at about $226,069,000. Bank of New York Mellon Corp increased its position in shares of TechnipFMC by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 2,878,798 shares of the oil and gas company's stock worth $199,011,000 after purchasing an additional 194,799 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in TechnipFMC by 195.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,791,873 shares of the oil and gas company's stock valued at $189,624,000 after buying an additional 1,847,158 shares in the last quarter. Institutional investors own 96.58% of the company's stock.

TechnipFMC Company Profile

TechnipFMC plc NYSE: FTI is an energy technology and services company that designs, manufactures and delivers equipment and integrated solutions for the exploration, development and production of oil and natural gas resources. The company serves energy operators, engineering and construction firms, and other participants across the global energy industry.

TechnipFMC operates through two principal areas: Subsea and Surface Technologies. Its subsea business provides subsea production systems, subsea services, installation solutions and related technologies used to develop offshore fields.

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