TechnipFMC (NYSE:FTI) Releases Earnings Results, Misses Expectations By $0.02 EPS

TechnipFMC (NYSE:FTI – Get Rating) issued its quarterly earnings results on Wednesday. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02), Briefing.com reports. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.71 billion. TechnipFMC had a negative return on equity of 3.41% and a negative net margin of 6.58%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) EPS.

TechnipFMC Stock Up 8.0 %

Shares of FTI traded up $0.53 during mid-day trading on Thursday, hitting $7.19. 321,779 shares of the company’s stock were exchanged, compared to its average volume of 7,030,227. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -7.90 and a beta of 1.88. TechnipFMC has a fifty-two week low of $5.47 and a fifty-two week high of $9.00. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.13 and a current ratio of 1.43. The stock’s 50-day moving average is $7.06 and its 200-day moving average is $7.19.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Cowen lowered their target price on shares of TechnipFMC from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, June 23rd. Societe Generale raised shares of TechnipFMC from a “hold” rating to a “buy” rating and upped their target price for the stock from $7.57 to $10.00 in a report on Tuesday, April 19th. Cowen dropped their target price on shares of TechnipFMC from $15.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, June 23rd. Bank of America raised shares of TechnipFMC from a “neutral” rating to a “buy” rating and lowered their price target for the company from $9.50 to $8.00 in a research report on Friday, July 15th. Finally, StockNews.com initiated coverage on shares of TechnipFMC in a research report on Thursday, March 31st. They set a “hold” rating on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, TechnipFMC presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.88.

Institutional Trading of TechnipFMC

Large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in TechnipFMC by 11.6% in the first quarter. BlackRock Inc. now owns 9,915,455 shares of the oil and gas company’s stock valued at $76,845,000 after purchasing an additional 1,029,472 shares during the last quarter. State Street Corp raised its holdings in shares of TechnipFMC by 37.2% in the first quarter. State Street Corp now owns 5,018,445 shares of the oil and gas company’s stock valued at $38,893,000 after buying an additional 1,359,831 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of TechnipFMC by 126.8% in the first quarter. Goldman Sachs Group Inc. now owns 4,665,387 shares of the oil and gas company’s stock valued at $36,157,000 after buying an additional 2,608,136 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of TechnipFMC by 144.0% in the first quarter. Renaissance Technologies LLC now owns 4,406,900 shares of the oil and gas company’s stock valued at $34,153,000 after buying an additional 2,600,600 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of TechnipFMC by 42.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,960,570 shares of the oil and gas company’s stock valued at $22,945,000 after buying an additional 886,429 shares during the last quarter. 88.53% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 27th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the oil and gas company to buy up to 13.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

About TechnipFMC

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TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. 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.