Why These Energy Stocks are Gaining This Week

4. TechnipFMC plc (NYSE:FTI)

Share Price Gains Between Apr. 23 – Apr. 30: 12.54%

TechnipFMC plc (NYSE:FTI) is a leading technology provider to the traditional and new energy industry, delivering fully integrated projects, products, and services.

The stock of TechnipFMC plc (NYSE:FTI) surged last week despite the company missing earnings expectations. However, FTI’s revenue of $2.23 million was up by 9.4% YoY, and its cash flow also came in at $380 million, a notable achievement in light of its typical seasonality. Moreover, the company reported a 10% QoQ increase in its backlog to $15.8 billion.

TechnipFMC plc (NYSE:FTI) also revealed in March that it had secured a large integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract from Equinor for the third phase of what is said to be the third-largest oil field on the Norwegian Continental Shelf. The company placed the contract value at anywhere between $500 million and $1 billion.