TechnipFMC (NYSE:FTI) Reaches New 52-Week High – What’s Next?

Shares of TechnipFMC plc (NYSE:FTI) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $56.96 and last traded at $56.7150, with a volume of 1438886 shares trading hands. The stock had previously closed at $56.45.

Analysts Set New Price Targets

A number of equities analysts recently commented on FTI shares. Barclays raised their target price on TechnipFMC from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Susquehanna upped their target price on shares of TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research note on Wednesday, January 7th. Citigroup increased their target price on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Piper Sandler boosted their price target on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Finally, Royal Bank Of Canada upped their price objective on 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 assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Stock Down 0.7%

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 company has a market cap of $22.71 billion, a PE ratio of 25.06, a P/E/G ratio of 1.10 and a beta of 0.69. The business’s 50 day moving average is $49.01 and its 200-day moving average is $42.28.

TechnipFMC announced that its board has initiated a stock buyback program on Wednesday, October 22nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of TechnipFMC

Hedge funds and other institutional investors have recently bought and sold shares of the business. Chase Investment Counsel Corp lifted its holdings in TechnipFMC by 95.1% during the 4th quarter. Chase Investment Counsel Corp now owns 177,903 shares of the oil and gas company’s stock worth $7,927,000 after buying an additional 86,740 shares during the last quarter. North Dakota State Investment Board purchased a new stake in TechnipFMC during the fourth quarter worth approximately $639,000. Abacus Wealth Partners LLC acquired a new position in TechnipFMC in the fourth quarter valued at approximately $730,000. Soltis Investment Advisors LLC purchased a new position in TechnipFMC in the fourth quarter valued at approximately $220,000. Finally, Beese Fulmer Investment Management Inc. purchased a new position in TechnipFMC in the fourth quarter valued at approximately $386,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.

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.