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FMC Technologies In Retrospect: Shares Up 7.1% Since Downgraded One Week Ago (FTI)

Published on Thu, 02/21/2013 - 10:10
By Peter Chu

Societe Generale downgraded FMC Technologies (NYSE:FTI) from Buy to Hold a week ago. The shares closed at $51.45, or 7.1% over the $48.06 price of one week ago.

FMC Technologies, Inc. designs, manufactures, and services systems and products used in offshore, particularly deepwater, exploration and production of crude oil and natural gas. The Company also provides advanced handling and processing systems to industrial customers. FMC Technologies' subsea products include drilling and production systems, subsea tree systems, and fluid control systems.

Potential upside of 3.8% exists for FMC Technologies, based on a current level of $50.85 and analysts' average consensus price target of $52.76. The stock should find initial support at its 50-day moving average (MA) of $45.23 and further support at its 200-day MA of $43.90.

In the past 52 weeks, FMC Technologies share prices have been bracketed by a low of $36.89 and a high of $53.18 and are now at $50.85, 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

By Peter Chu