Goldman likes this offshore oil play, sees 20% upside
TechnipFMC is well-positioned to capture the growing opportunities in the subsea oil and gas market, according to Goldman Sachs. Goldman initiated research coverage of TechnipFMC on Thursday with a buy recommendation and a 12-month price target of $38, implying more than 20% upside from the stock’s last close of $30.88 per share. TechnipFMC, headquartered in London but operationally based in Houston, makes equipment for subsea fossil fuel extraction. The company has a market capitalization of about $13 billion, and its stock has soared more than 50% this year. FTI YTD mountain TechnicFMP shares in 2024. TechnipFMC is the only company in the industry that offers fully integrated, turnkey solutions for customers, according to Goldman. Its streamlined processes reduce project lead times, giving TechnipFMC a major competitive advantage, according to the Wall Street investment bank. “In an environment where there is urgency to secure a place in the manufacturing line for subsea products, we believe FTI is best positioned to garner incremental orders,” Goldman analysts led by Ati Modak told clients on Thursday. This post has been syndicated from a third-party source. View the original article here.
