TechnipFMC: Jefferies sticks to 'Hold'

(CercleFinance.com) - Jefferies maintains its recommendation to 'Hold' TechnipFMC shares after the oil-and-gas group last night published its quarterly figures.


The target price, which remains at 24 euros, is lower than the current value of the share on the Paris stock exchange.

The analyst firm underlines that whilst TechnipFMC's quarterly revenues exceeded expectations, this is not the case for the adjusted net income (131.5 million dollars compared to the 151 million expected). That being said, the increased margin guidance in the Onshore/Offshore segment is likely to be the result of the good execution of the Yamal contract in Russia.

Additionally, inbound orders (3.5 billion dollars) exceed those of the three previous quarters and Q1 revenue. This has led to a backlog increase of approximately 1 billion between the end of December and the end of March, to 14 billion dollars.

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