|Bid||30.32 x 900|
|Ask||30.33 x 800|
|Day's Range||29.83 - 30.55|
|52 Week Range||24.53 - 35.00|
|PE Ratio (TTM)||63.28|
|Earnings Date||Feb 14, 2017 - Feb 20, 2017|
|Forward Dividend & Yield||0.52 (1.70%)|
|1y Target Est||36.16|
TechnipFMC (FTI) (FTI) (ISIN:GB00BDSFG982) has been awarded by Petróleo Brasileiro S.A. (Petrobras) a 3-year master services agreement in Brazil, with a 2-year renewal option. The scope of work includes maintenance services, technical assistance, inspection and end-fitting re-termination(1) of flexible pipes and umbilicals, installation support and engineering analysis of operations and installation conditions, among other services. Hallvard Hasselknippe, President of TechnipFMC’s Subsea business, stated: “We are extremely pleased to have won this important services agreement.
In this article, we’ll look at Wall Street analysts’ forecasts for TechnipFMC (FTI) before its Q2 2018 earnings. Analysts’ rating for TechnipFMC
TechnipFMC’s (FTI) first-quarter financial results were released on May 9. Between May 9 and July 10, TechnipFMC’s implied volatility has decreased from 36.7% to 35.9%. The company’s stock price decreased 5% during this period. Stock price forecast for TechnipFMC
TechnipFMC’s (FTI) stock price correlation with crude oil from April 10, 2017, to July 10, 2018, was 0.11, which indicates a relatively weak positive relationship between TechnipFMC’s stock and crude oil prices. A low correlation indicates the stock’s price loosely tracked crude oil prices. FTI’s correlation with crude oil prices was lower in the trailing three months to July 10, 2018, compared to the past year. The WTI crude oil price increased 11% in the past three months until July 10.
Short interest in TechnipFMC (FTI) as a percentage of its float is 2.0% as of July 10 compared to 3.05% a year ago. Since July 10, 2017, short interest in FTI has decreased 34%. So, investors have decreased negative bets on FTI in the past year. Since July 10, 2017, FTI’s stock price has increased 15.5%.
TechnipFMC’s (FTI) one-year returns were 15.5% as of July 10, 2018. In comparison, since July 10, 2017, the Energy Select Sector SPDR ETF (XLE) increased ~20%. XLE tracks an index of US energy companies. The VanEck Vectors Oil Services ETF (OIH) witnessed 10% one-year returns. OIH tracks an index of 25 oilfield equipment and services (or OFS) companies. So, FTI underperformed XLE but outperformed OIH in the past one year.
In the past year, crude oil has increased ~64%. Higher crude oil price can lead to higher exploration and production activity from upstream producers. From Q1 2017 to Q1 2018, the upstream companies constituting the Energy Select Sector SPDR ETF (XLE) increased their capex by 8% in aggregate. XLE tracks an index of US energy companies in the S&P 500 Index.
On July 11, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA reported that US crude oil inventories decreased by 12.6 MMbbls (million barrels) to 405.3 MMbbls on June 29–July 6—the largest weekly decline since September 2, 2016. The inventories are also near the lowest level since February 20, 2015. The inventories dropped by 90 MMbbls or 18.2% year-over-year. A Reuters survey estimated that US crude oil inventories could have declined by 4.5 MMbbls on June 29—July 6.
From Q1 2017 to Q1 2018, TechnipFMC’s (FTI) Subsea segment revenue decreased the most with a 14% fall, followed by the Onshore/Offshore segment with a 10.8% fall. On the other hand, FTI’s Surface Technologies segment saw 49% higher revenue during the same period. The Onshore/Offshore segment was the highest revenue contributor, accounting for 50% of FTI’s first-quarter revenues, while the Subsea segment accounted for 38% of its total revenues during the quarter.
In Q2 2018, analysts expect TechnipFMC (FTI) to post adjusted EPS of $0.38, a 37% increase compared to the Q1 2018 adjusted earnings of $0.28 per share. Recovery in the offshore projects, increased demand for FTI’s integrated pad offering, which services the unconventional shale market, and the positive impact from the adoption of a new revenue recognition accounting standard could result in the Q2 2018 earnings improvement. FTI plans to announce its Q2 2018 earnings on July 25.
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On July 5, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA reported that US crude oil inventories increased by 1.3 MMbbls (million barrels) to 417.9 MMbbls on June 22–29. However, the inventories decreased by 85 MMbbls or 16.9% YoY (year-over-year). A Bloomberg survey estimated that US crude oil inventories could have declined by 4.5 MMbbls on June 22–29.
When McDermott and CB&I announced a new organizational structure and leadership team for the combined company in March, no COO was listed.
TechnipFMC (FTI) (FTI.PA) has been awarded a contract by Total E&P Angola for the Zinia Phase 2 field development, located offshore Angola at a water depth between 800 and 1,000 meters. The contract covers the Engineering, Procurement and Construction of subsea equipment including 9 subsea tree units as well as wellheads, subsea control systems, connection systems and associated equipment. This contract also covers support services, performed by TechnipFMC in Angola, for the assembly, test, mobilization and installation.
TechnipFMC (FTI) has the second-highest “sell” recommendations by sell-side analysts in the OFS (oilfield equipment and services) industry. Approximately 7% of the Wall Street analysts tracking TechnipFMC have recommended a “sell” or some equivalent as of June 25. Analysts’ consensus target price for TechnipFMC was $36.2 as of June 25. Currently, TechnipFMC is trading near $31.5, which implies 15% returns over the next 12 months at the current price.
TechnipFMC (FTI) (FTI.PA) (ISIN:GB00BDSFG982) and DOF Subsea (DOF) announce that the Skandi Recife, a Brazilian-flagged flexible lay and construction vessel owned by the joint venture formed between TechnipFMC (50%) and DOF (50%), commenced its 8-year charter contract with Petróleo Brasileiro S.A. (Petrobras). Skandi Recife has state of the art pipelay and marine technology. Under the TechnipFMC/DOF joint venture agreement, TechnipFMC will manage flexible pipelay, and DOF will be responsible for marine operations.
TechnipFMC (FTI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
TechnipFMC's (FTI) latest contract boosts its onshore/offshore backlog and also strengthens its ties with Woodside Petroleum.
TechnipFMC (FTI) (FTI.PA) has been awarded a contract by Woodside to upgrade the Pluto Platform Offshore for water treatment, located offshore Western Australia. The contract includes the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of the Pluto Water Handling Module. This module, to be installed on the existing Pluto Alpha Gas Production Platform, will consist of facilities for water separation and treatment, together with upgraded power generation units.
On May 31, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. The EIA reported that US crude oil inventories decreased by ~3.6 MMbbls (million barrels) to 434.5 MMbbls on May 18–25. The inventories also declined by 78.2 MMbbls or ~15% YoY (year-over-year).