Top Basic Materials Sector Picking: TechnipFMC plc (FTI), Continental Resources, Inc. (CLR)

TechnipFMC plc (FTI) ended last trading session with a change of 0.28 percent. It trades at an average volume of 5.35M shares versus 2.52M shares recorded at the end of last trading session. The share price of $31.79 is at a distance of 32.46 percent from its 52-week low and down -14.29 percent versus its peak. The company has a market cap of $14.83B and currently has 466.46M shares outstanding. The share price is currently -1.72 percent versus its SMA20, -5.64 percent versus its SMA50, and 3.58 percent versus its SMA200. The stock has a weekly performance of -1.52 percent and is -10.53 percent year-to-date as of the recent close.

On March 1, 2017 TechnipFMC plc (FTI) and FMC Technologies, Inc. announced that TechnipFMC has commenced offers to exchange any and all outstanding notes issued by FMC Technologies as set forth in the table below for (i) up to $800 million aggregate principal amount of new notes issued by TechnipFMC and (ii) cash.

In conjunction with the offers to exchange (each an “Exchange Offer” and collectively, the “Exchange Offers”), FMC Technologies (“FMCTI”) is soliciting consents (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the notes issued by FMC Technologies as set forth in the table above (the “Existing FMCTI Notes”) to eliminate certain covenants, restrictive provisions and events of default from such indentures. Each Exchange Offer and Consent Solicitation is conditioned upon the completion of the other Exchange Offers and Consent Solicitations, although TechnipFMC may waive such condition at any time with respect to an Exchange Offer. Any waiver of a condition by TechnipFMC with respect to an Exchange Offer will automatically waive such condition with respect to the corresponding Consent Solicitation, as applicable.

Continental Resources, Inc. (CLR) recently recorded 1.55 percent change and currently at $44.67 is 71.08 percent away from its 52-week low and down -25.92 percent versus its peak. It has a past 5-day performance of -2.51 percent and trades at an average volume of 2.46M shares. The stock has a 1-month performance of -2.42 percent and is -13.33 percent year-to-date as of the recent close. There were about 374.14M shares outstanding which made its market cap $16.71B. The share price is currently -2.11 percent versus its SMA20, -7.54 percent versus its SMA50, and -7.01 percent versus its SMA200.

On Feb. 22, 2017 Continental Resources, Inc. (CLR) announced fourth quarter and full-year 2016 operating and financial results. Continental reported net income of $27.7 million, or $0.07 per diluted share, for the quarter ended December 31, 2016. For full-year 2016, the Company reported a net loss of $399.7 million, or $1.08 per diluted share.

The Company’s net income or net loss includes certain items typically excluded by the investment community in published estimates, the result of which is referred to as “adjusted net loss.” In fourth quarter 2016, these typically excluded items in aggregate represented $55.1 million, or $0.14 per diluted share, of Continental’s reported net income. Adjusted net loss for the fourth quarter was $27.4 million, or $0.07 per diluted share. For full-year 2016, these typically excluded items in aggregate represented $73.0 million, or $0.20 per diluted share. Adjusted net loss for full-year 2016 was $326.6 million, or $0.88 per diluted share.