In a report issued on June 4, Magnus Olsvik from Kepler Capital downgraded TechnipFMC (FTI) to Hold, with a price target of EUR5.70. The company’s shares closed last Monday at $10.12.
According to TipRanks.com, Olsvik has 0 stars on 0-5 stars ranking scale with an average return of -10.5% and a 18.8% success rate. Olsvik covers the Services sector, focusing on stocks such as Kvaerner ASA, BW Offshore, and Archer.
Currently, the analyst consensus on TechnipFMC is a Moderate Buy with an average price target of $9.66.
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Based on TechnipFMC’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.13 billion and GAAP net loss of $3.26 billion. In comparison, last year the company earned revenue of $2.91 billion and had a net profit of $20.9 million.
Based on the recent corporate insider activity of 90 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FTI in relation to earlier this year.
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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, Onshore & Offshore, and Surface Technologies. The Subsea segment engages in designing, engineering, procurement, manufacturing, fabrication and installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation. The Onshore & Offshore segment offers designing and project development services. The Surface Technologies segment designs and manufactures products & systems, and provides services used by oil and gas companies involved in land and offshore exploration and production of crude oil and natural gas. The company was founded on December 9, 2015 and is headquartered in London, the United Kingdom.
