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TechnipFMC (FTI) Inks Surface Technologies Deal With Chevron
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TechnipFMC plc (FTI - Free Report) recently signed an agreement with Chevron Corporation (CVX - Free Report) to provide surface technologies for the latter’s operations in North America. The five-year Surface Technologies Frame deal further enhances the company’s relationship with Chevron, a global major energy player. The financial details of the deal are yet to be disclosed.
Per the deal, TechnipFMC will provide surface wellhead equipment and service for Chevron’s projects located in Canada and the United States. The wellheads of TechnipFMC enable a company exploring the shale plays to produce oil and gas with extensive infrastructure and lower risks, making it a perfect fit for Chevron’s shale-related operations. Notably, TechnipFMC has more than 40 facilities in the United States and eight facilities in Canada, which enables the oilfield services provider to supply a wide range of services to its clients.
This agreement marks TechnipFMC’s third deal post third-quarter results, which were reported at the end of last month. Most importantly, in the quarter ended September, the company’s Surface Technologies segment recorded revenues of $402.2 million, which improved 13.6% year over year on the back of rising momentum in the North American market, as well as higher wellhead product sales. The segment is expected to generate revenues between $1.5 billion and $1.6 billion in 2018, with EBITDA margin of 16%. Deals like the one with Chevron are expected to further boost the segment’s growth. The segment accounted for 6% of the company’s operating profit in 2017.
London-based TechnipFMC is engaged in designing, producing and servicing technologically sophisticated systems and products for subsea, onshore/offshore, and surface projects. The company has lost 9.8% in the past year compared with 21.9% collective decline of the industry it belongs to.
Zacks Rank & Key Picks
Currently, TechnipFMC has a Zacks Rank #3 (Hold). Investors interested in the energy sector can opt for some better-ranked stocks given below:
Fort Worth, TX-based Range Resources Corporation (RRC - Free Report) holds a Zacks Rank #2 (Buy). The company’s earnings for 2018 are expected to surge more than 100% year over year.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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TechnipFMC (FTI) Inks Surface Technologies Deal With Chevron
TechnipFMC plc (FTI - Free Report) recently signed an agreement with Chevron Corporation (CVX - Free Report) to provide surface technologies for the latter’s operations in North America. The five-year Surface Technologies Frame deal further enhances the company’s relationship with Chevron, a global major energy player. The financial details of the deal are yet to be disclosed.
Per the deal, TechnipFMC will provide surface wellhead equipment and service for Chevron’s projects located in Canada and the United States. The wellheads of TechnipFMC enable a company exploring the shale plays to produce oil and gas with extensive infrastructure and lower risks, making it a perfect fit for Chevron’s shale-related operations. Notably, TechnipFMC has more than 40 facilities in the United States and eight facilities in Canada, which enables the oilfield services provider to supply a wide range of services to its clients.
This agreement marks TechnipFMC’s third deal post third-quarter results, which were reported at the end of last month. Most importantly, in the quarter ended September, the company’s Surface Technologies segment recorded revenues of $402.2 million, which improved 13.6% year over year on the back of rising momentum in the North American market, as well as higher wellhead product sales. The segment is expected to generate revenues between $1.5 billion and $1.6 billion in 2018, with EBITDA margin of 16%. Deals like the one with Chevron are expected to further boost the segment’s growth. The segment accounted for 6% of the company’s operating profit in 2017.
London-based TechnipFMC is engaged in designing, producing and servicing technologically sophisticated systems and products for subsea, onshore/offshore, and surface projects. The company has lost 9.8% in the past year compared with 21.9% collective decline of the industry it belongs to.
Zacks Rank & Key Picks
Currently, TechnipFMC has a Zacks Rank #3 (Hold). Investors interested in the energy sector can opt for some better-ranked stocks given below:
New York, NY-based Hess Corporation (HES - Free Report) has a Zacks Rank #1 (Strong Buy). Its earnings for 2018 are expected to surge around 100% from the 2017 level. You can see the complete list of today’s Zacks #1 Rank stocks here.
Fort Worth, TX-based Range Resources Corporation (RRC - Free Report) holds a Zacks Rank #2 (Buy). The company’s earnings for 2018 are expected to surge more than 100% year over year.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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