FMC Technologies Inc. (NYSE: FTI) had a bit of a wild week. The company caters to the energy markets, and shares rallied on what was effectively deemed as a drop in earnings. Many analysts chimed in with key changes after the news broke.

FMC Technologies reported fourth-quarter diluted earnings per share (EPS) of $0.46, outside of items. It recorded Subsea Technologies revenue of $1 billion, with margins of 12.9%, and that revenue was down 29% from the prior year’s quarter. Revenue was down 20% quarter over quarter, if you back out the impact of currency.

Surface Technologies fourth-quarter revenue was $317 million, down 46% from the prior-year quarter (blaming a 52% drop in the North American rig count). Energy Infrastructure fourth quarter revenue was down 30% to $96 million, and the company’s corporate expense in the fourth quarter was down $3.3 million to $15.2 million.

The firm S&P Capital IQ maintained its Strong Buy rating on FMC Technologies, and it carries a $40.00 price target (down $2). The firm said that it was cutting projected 2016 EPS estimates by $0.25 to $1.46 and gave a 2017 EPS target of $1.38. This reflects a 12.6 multiple of enterprise value to projected 2016 EBITDA. S&P said:

While we think the current crude oil price environment is going to hamper the pace of large project awards in 2016, we think it should have less impact on FMC Tech’s services businesses. FMC also has a net debt-to-capital ratio of just 6%, well below peers.

FMC was given many analyst calls last week, as follows:

• BMO Capital Markets lowered its price target to $29 from $31.
• Cowen has an Outperform rating but lowered its price target to $29 from $37.
• Credit Suisse maintained its Neutral rating but lowered its price target to $26 from $29.
• Evercore ISI has a Buy rating and actually raised its price target to $29 from $27.
• Iberia Capital has an Outperform rating but lowered its price target to $34 from $41.
• Jefferies has a Hold rating and cut it price target to $25 from $29.
• JPMorgan maintained its Neutral rating but lowered its price target to $30 from $33.
• Scotia Capital has a Sector Outperform rating but lowered its price target from $42 to $35.
• Susquehanna maintained its Positive rating but lowered its price target to $34 from $37.
• UBS has a Neutral rating but lowered its price target to $27 from $28.

Shares ended the week’s trading at $25.17, up from a close of $23.12 on the prior Friday. Its 52-week trading range is $22.30 to $44.43, and the consensus analyst target late on Friday was still listed as $33.48.

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