TechnipFMC (NYSE:FTI) Releases Quarterly Earnings Results

TechnipFMC (NYSE:FTI - Get Free Report) released its quarterly earnings results on Thursday. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.25, Briefing.com reports. The firm had revenue of $2.35 billion for 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 company's revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the business posted $0.21 EPS. TechnipFMC updated its FY 2024 guidance to EPS.

TechnipFMC Price Performance

Shares of FTI stock traded up $0.61 during trading hours on Friday, hitting $26.47. The stock had a trading volume of 4,003,892 shares, compared to its average volume of 4,081,322. The stock's 50-day moving average price is $26.14 and its two-hundred day moving average price is $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. The stock has a market capitalization of $11.41 billion, a price-to-earnings ratio of 56.34 and a beta of 1.50.

TechnipFMC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.76%. TechnipFMC's dividend payout ratio (DPR) is 42.55%.

Analysts Set New Price Targets

FTI has been the topic of a number of research reports. StockNews.com upgraded TechnipFMC from a "hold" rating to a "buy" rating in a research note on Monday. Susquehanna lifted their target price on TechnipFMC from $35.00 to $37.00 and gave the company a "positive" rating in a research report on Friday. Bank of America lifted their target price on TechnipFMC from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Monday, October 14th. BMO Capital Markets lifted their target price on TechnipFMC from $32.00 to $33.00 and gave the company a "market perform" rating in a research report on Thursday, October 10th. Finally, TD Cowen lifted their target price on TechnipFMC from $35.00 to $37.00 and gave the company a "buy" rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, TechnipFMC presently has an average rating of "Moderate Buy" and an average price target of $31.37.

TechnipFMC announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

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.