TechnipFMC (NYSE: FTI) Price Target Raised 13.3% by Piper Sandler Analyst Luke Lemoine

Piper Sandler's Luke Lemoine raised their price target on Technipfmc (NYSE: FTI) by 13.3% from $30 to $34 on May 6, 2024. The analyst maintained their Strong Buy rating on the stock.

Technipfmc recently reported its Q1 2024 earnings, surpassing expectations. The company reported earnings per share (EPS) of $0.22, beating the Zacks Consensus Estimate of $0.16 and marking an improvement over Q1 2023's $0 EPS. Additionally, TechnipFMC reported revenue of $2.04 billion, surpassing the Zacks Consensus Estimate of $1.97 billion and showing an 18.6% increase over Q1 2023's revenue of $1.72 billion.

For the full year 2024, TechnipFMC management reiterated its guidance, including subsea revenue of $7.2 billion to $7.6 billion, surface technologies revenue of $1.2 billion to $1.35 billion, and adjusted EBITDA margins in both subsea and surface technologies segments. The company also expects free cash flow of $350 million to $500 million and capital expenditures of $275 million.

Chair and CEO Doug Pferdehirt highlighted TechnipFMC's recent achievements, including significant integrated awards in Q1 2024. These projects demonstrate the company's innovative technologies and integrated execution, creating new market opportunities.

Following the Q1 earnings report, Luke Lemoine noted that the OIH, an ETF containing several stocks from the industry, experienced a sell-off leading up to earnings season but has remained relatively flat since then. Lemoine stated, "a fair number of the stocks in the ETF were de-risked, and there wasn't the level of volatility that Piper Sandler expected with the prints."

In addition to TechnipFMC, Lemoine made price target adjustments for other companies in their portfolio. The price target for Oil States International Inc was lowered by 6.3% to $7.5, while Precision Drilling Corp saw a 24.7% increase to $101. The price target for Patterson Uti Energy Inc was lowered by 17.6% to $14, and Tenaris Sa had its price target reduced by 12.2% to $43. Lemoine maintained their Strong Buy rating on all four companies.

Currently, 100% of top-rated analysts rate TechnipFMC as a Strong Buy or Buy, with no analysts recommending a Hold or Sell. The consensus forecast among analysts predicts that TechnipFMC's upcoming year will deliver EPS of $0.68, representing a 38.4% increase year-over-year.

Since TechnipFMC's last quarterly report on April 26, 2024, the stock price has declined by 0.9%. However, it has shown significant growth of 88.6% compared to the previous year. During this period, TechnipFMC has outperformed the S&P 500, which has seen a 25.2% increase.

Luke Lemoine, the Piper Sandler analyst who raised the price target on TechnipFMC, is ranked in the top 14% out of 4,575 Wall Street analysts by WallStreetZen. Lemoine specializes in the Industrials, Basic Materials, and Energy sectors and has achieved an average return of 13.1% and a 58.7% win rate.

TechnipFMC is a company that provides project life cycle services to the energy industry. It operates in three segments: subsea, offshore/onshore, and surface projects. The company offers a range of services, including offshore oil and gas exploration and extraction platforms, refineries, petrochemical plants, fertilizer plants, and LNG plants. TechnipFMC was formed through the merger of FMC Technologies and Technip in 2017 and is headquartered in Houston, TX.

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