Yahoo Finance FMC Technologies (FTI) Surges 5.8%: Is This an Indication of Further Gains?
FMC Technologies (FTI) shares rallied 5.8% in the last trading session to close at $7.26. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.9% gain over the past four weeks.
TechnipFMC stock ended sharply higher yesterday, driven by optimism over rising oil prices spurred by widespread COVID-19 vaccine rollouts, the ongoing government stimulus and the OPEC+ supply curtailments. The recovery in crude prices to over $70 a barrel has lifted the oilfield service space and contributed to the strength in this leading energy technology solutions provider.
Price and Consensus
This provider of equipment and services to energy companies is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -87.5%. Revenues are expected to be $1.67 billion, down 50% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For FMC Technologies, the consensus EPS estimate for the quarter has been revised 9.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on FTI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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