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TechnipFMC (FTI) to Sell Off 5% Stake in Technip Energies

By Zacks Investment ResearchStock MarketsJan 14, 2022 07:24AM ET
www.investing.com/analysis/technipfmc-fti-to-sell-off-5-stake-in-technip-energies-200614781
TechnipFMC (FTI) to Sell Off 5% Stake in Technip Energies
By Zacks Investment Research   |  Jan 14, 2022 07:24AM ET
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Energy technology and services provider TechnipFMC (NYSE:FTI) plc FTI announced the sale of 5% of its ownership stake in Technip (PA:FTI) Energies and received gross proceeds of €118.4 million. The transaction, which involved 9 million shares changing hands at €13.15 apiece, also saw FTI delist from the Euronext Paris stock exchange. The company believes that a single listing on the New York Stock Exchange would be enough to reflect its strategic focus and the immediate peer group

In April 2021, FTI sold its majority interests in Technip Energies division to partially spin-off the unit into a standalone public company. Technip Energies primarily provides onshore engineering and construction services to midstream and downstream clients. After the recent sell-off, the company's stake in Technip Energies has come down to 7% that is subject to a 30-day lock-up period expiring on Feb 9.

Following last year’s spin-off, TechnipFMC has transformed into a technology-focused equipment provider for the energy industry. FTI currently carries a Zacks Rank #5 (Strong Sell). The company’s shares have largely underperformed the industry in a year (-44.4% versus +22.3%).

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Stock Picks

Some better-ranked players in the energy space are Vermilion Energy (NYSE:VET) VET, Murphy USA (NYSE:MUSA) MUSA and ExxonMobil XOM. All the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Vermilion Energy is valued at around $2.5 billion. The Zacks Consensus Estimate for VET’s 2022 earnings has been revised 32.5% upward over the past 30 days.

Vermilion Energy has topped the Zacks Consensus Estimate by an average of 54.4% in the trailing four quarters, including a 100% beat in Q3. VET shares have gained around 177.3% in a year.

Murphy USA: Murphy USA is valued at around $5 billion. MUSA’s consensus estimate for 2022 has been revised 7.9% upward over the past 60 days.

MUSA beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 20.9%. Murphy USA has rallied around 60.7% in a year.

ExxonMobil: ExxonMobil has a projected earnings growth rate of 21.6% for next year. The Zacks Consensus Estimate for XOM’s 2022 earnings has been revised 4.6% upward over the past 30 days.

ExxonMobil beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 54.7%. XOM shares have gained around 49.1% in a year.


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TechnipFMC (FTI) to Sell Off 5% Stake in Technip Energies
 

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TechnipFMC (FTI) to Sell Off 5% Stake in Technip Energies

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