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Investing.com - Evercore ISI raised its price target on TechnipFMC (NYSE:FTI) to $48.00 from $46.00 on Friday, while maintaining an Outperform rating on the stock following the company’s third-quarter results. The stock, currently trading at $40.92, has shown impressive momentum with a 31% gain over the past six months. According to InvestingPro analysis, TechnipFMC boasts a perfect Piotroski Score of 9, indicating strong financial health.
The firm highlighted the durability of TechnipFMC’s structural operating model changes, pointing to the company’s growing backlog which increased 14% year-over-year and a book-to-bill ratio at or above 1.0x in 15 of the past 16 quarters. These metrics have largely dispelled concerns about offshore subsea cycle sustainability. The company’s strong operational execution is reflected in its robust revenue growth of 11.75% and healthy EBITDA of $1.62 billion in the last twelve months.
TechnipFMC’s board increased its share repurchase authorization by an additional $2 billion, bringing the total remaining authorization to $2.3 billion. Management remains committed to returning at least 70% of annual free cash flow to shareholders. InvestingPro data shows the company generated $1.39 billion in levered free cash flow over the last twelve months, supporting its shareholder return initiatives. For deeper insights into TechnipFMC’s financial health and growth prospects, subscribers can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
The company provided an early outlook for 2026, projecting subsea revenue of $9.1-9.5 billion and adjusted EBITDA margin of 20.5-22%, which implies double-digit growth in adjusted EBITDA year-over-year at the midpoint. The subsea opportunity set continues to expand, led by large greenfield and tieback developments in Latin America and Africa.
Surface Technologies margins remained flat sequentially but rose 110 basis points year-over-year as the segment benefits from operational transformation and an increasing mix of international business. Evercore’s new price target is based on a 9.0x multiple on its 2027 EBITDA estimate, reflecting further margin improvement compared to previous estimates.
In other recent news, TechnipFMC announced the authorization of an additional $2 billion in share repurchases and declared a quarterly cash dividend of $0.05 per share, payable on December 3, 2025. The company has also secured a substantial subsea contract valued between $250 million and $500 million from ExxonMobil Guyana Limited for the Hammerhead development in Guyana’s Stabroek Block. Additionally, TechnipFMC was awarded a significant contract worth between $75 million and $250 million from Petrobras for various subsea production systems. Piper Sandler has raised its price target on TechnipFMC stock to $48 from $44, maintaining an Overweight rating due to the company’s efforts to reduce offshore development cycle times. This development is seen as enhancing customer project returns and capturing greater economic value. Piper Sandler also reiterated its Overweight rating, highlighting TechnipFMC’s stock performance, which has risen 45% over the past year. This performance has been supported by upward earnings revisions, operational execution, and recent inclusion in the S&P MidCap 400.
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