TechnipFMC (NYSE:FTI) Announces Earnings Results, Beats Estimates By $0.25 EPS

TechnipFMC (NYSE:FTI) issued its quarterly earnings results on Thursday. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates 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%. TechnipFMC’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.21 earnings per share. TechnipFMC updated its FY 2024 guidance to EPS.

TechnipFMC Stock Up 2.4 %

FTI opened at $26.47 on Friday. TechnipFMC has a 12 month low of $18.33 and a 12 month high of $29.85. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.10 and a quick ratio of 0.84. The stock has a market cap of $11.41 billion, a P/E ratio of 56.32 and a beta of 1.50. The stock’s 50 day moving average price is $26.13 and its 200 day moving average price is $26.18.

TechnipFMC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.76%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s dividend payout ratio is currently 42.55%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTI. Bank of America increased their price target on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 14th. Susquehanna increased their target price on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a report on Friday. Citigroup increased their target price on TechnipFMC from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. StockNews.com raised TechnipFMC from a “hold” rating to a “buy” rating in a report on Monday, October 21st. Finally, TD Cowen increased their target price on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $31.37.

TechnipFMC announced that its board has approved a stock repurchase plan on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

About TechnipFMC

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.