FMC Technologies, Inc. (FTI) Raised to Buy at Citigroup Inc.
FMC Technologies, Inc. (NYSE:FTI) was upgraded by equities researchers at Citigroup Inc. from a “neutral” rating to a “buy” rating in a report released on Monday, October 2nd, Marketbeat reports. The firm currently has a $30.00 price objective on the oil and gas company’s stock, up from their previous price objective of $26.00. Citigroup Inc.’s price objective suggests a potential upside of 12.53% from the stock’s previous close.
A number of other analysts have also issued reports on FTI. BidaskClub lowered shares of FMC Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. UBS AG reaffirmed a “buy” rating and set a $36.00 price objective (down previously from $40.00) on shares of FMC Technologies in a research report on Monday, July 31st. Piper Jaffray Companies reiterated a “buy” rating and set a $31.50 price target on shares of FMC Technologies in a report on Tuesday, September 26th. Seaport Global Securities reiterated a “neutral” rating on shares of FMC Technologies in a report on Thursday, July 27th. Finally, Scotiabank set a $36.00 price target on FMC Technologies and gave the company a “buy” rating in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. FMC Technologies currently has a consensus rating of “Buy” and an average target price of $35.09.
FMC Technologies (NYSE FTI) traded up 0.15% during midday trading on Monday, reaching $26.66. 1,509,008 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $26.79 and its 200-day moving average price is $28.65. FMC Technologies has a 1-year low of $25.17 and a 1-year high of $37.09. The company has a market capitalization of $12.45 billion, a PE ratio of 32.24 and a beta of 0.95.
FMC Technologies (NYSE:FTI) last announced its earnings results on Wednesday, July 26th. The oil and gas company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.80 billion. Equities analysts expect that FMC Technologies will post $1.06 EPS for the current year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its stake in FMC Technologies by 5.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 38,465 shares of the oil and gas company’s stock valued at $1,046,000 after acquiring an additional 1,982 shares in the last quarter. Sei Investments Co. raised its stake in shares of FMC Technologies by 204.4% during the 2nd quarter. Sei Investments Co. now owns 74,508 shares of the oil and gas company’s stock worth $2,027,000 after purchasing an additional 50,033 shares in the last quarter. Strs Ohio raised its stake in shares of FMC Technologies by 8.0% during the 2nd quarter. Strs Ohio now owns 1,355,000 shares of the oil and gas company’s stock worth $36,856,000 after purchasing an additional 100,000 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of FMC Technologies by 3.6% during the 2nd quarter. Principal Financial Group Inc. now owns 687,658 shares of the oil and gas company’s stock worth $18,704,000 after purchasing an additional 23,894 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new stake in shares of FMC Technologies during the 1st quarter worth approximately $1,676,000. Hedge funds and other institutional investors own 65.35% of the company’s stock.
FMC Technologies Company Profile
FMC Technologies, Inc is a global provider of technology solutions for the energy industry. The Company designs, manufactures and services a range of systems and products, including subsea production and processing systems, surface wellhead production systems, high pressure fluid control equipment, measurement solutions and marine loading systems.
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