TechnipFMC plc (NYSE:FTI – Get Rating) – Investment analysts at Jefferies Financial Group reduced their Q2 2023 earnings estimates for shares of TechnipFMC in a research report issued to clients and investors on Wednesday, March 15th. Jefferies Financial Group analyst M. Wilson now forecasts that the oil and gas company will post earnings of $0.09 per share for the quarter, down from their previous forecast of $0.12. The consensus estimate for TechnipFMC’s current full-year earnings is $0.50 per share. Jefferies Financial Group also issued estimates for TechnipFMC’s FY2023 earnings at $0.38 EPS, Q1 2024 earnings at $0.20 EPS, Q2 2024 earnings at $0.26 EPS and Q3 2024 earnings at $0.28 EPS.
Other equities research analysts also recently issued reports about the company. Citigroup increased their price target on TechnipFMC from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 28th. BTIG Research lifted their target price on TechnipFMC from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, February 24th. Benchmark began coverage on TechnipFMC in a report on Thursday, January 19th. They issued a “buy” rating and a $15.00 price objective for the company. StockNews.com began coverage on shares of TechnipFMC in a research note on Thursday. They set a “hold” rating on the stock. Finally, Cowen lifted their price target on TechnipFMC from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, February 24th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.45.
TechnipFMC Trading Down 2.5 %
TechnipFMC (NYSE:FTI – Get Rating) last released its earnings results on Thursday, February 23rd. The oil and gas company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.67 billion. TechnipFMC had a negative return on equity of 0.38% and a negative net margin of 1.60%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) EPS.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in FTI. Hardman Johnston Global Advisors LLC bought a new position in TechnipFMC during the 4th quarter worth approximately $226,060,000. FMR LLC grew its position in TechnipFMC by 40.8% in the 2nd quarter. FMR LLC now owns 45,221,055 shares of the oil and gas company’s stock valued at $304,337,000 after purchasing an additional 13,097,003 shares during the period. Alliancebernstein L.P. grew its position in TechnipFMC by 68,732.1% in the 4th quarter. Alliancebernstein L.P. now owns 7,053,918 shares of the oil and gas company’s stock valued at $85,987,000 after purchasing an additional 7,043,670 shares during the period. Encompass Capital Advisors LLC grew its position in TechnipFMC by 205.9% in the 3rd quarter. Encompass Capital Advisors LLC now owns 9,175,529 shares of the oil and gas company’s stock valued at $77,625,000 after purchasing an additional 6,175,529 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in TechnipFMC by 11.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 58,933,447 shares of the oil and gas company’s stock valued at $718,398,000 after purchasing an additional 5,888,998 shares during the period. Institutional investors own 94.52% of the company’s stock.
In related news, Director Carvalho Filho Eleazar De sold 22,208 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $15.10, for a total value of $335,340.80. Following the completion of the transaction, the director now owns 107,092 shares in the company, valued at approximately $1,617,089.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.54% of the stock is currently owned by corporate insiders.
TechnipFMC Company Profile
TechnipFMC plc is an energy service company, which engages in the provision of solutions for the production and transformation of hydrocarbons. It operates through the following segments: Subsea and Surface Technologies. The Subsea segment engages in designs and manufactures products and systems, performs engineering, procurement and project management, and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas.
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