TechnipFMC (FTI) stock jumped 5.1% in premarket trading on Wednesday after the company was added to the S&P MidCap 400 index.
The oilfield services firm is set to replace Skechers USA in the S&P MidCap 400, effective before the opening of trading on Friday, as the sneaker maker is set to be acquired by 3G Capital in a $9 billion deal.
The company’s addition to the index, which tracks 400 mid-sized companies, will attract a deeper pool of investors, as several funds and ETFs track the index. Retail sentiment on Stocktwits about TechnipFMC was in the ‘bullish’ territory at the time of writing.
Earlier on Tuesday, TechnipFMC said it has received two subsea contract awards by Petrobras to deploy flexible pipe for use in multiple basins. The first of the awards is a substantial contract, which tends to be between $250 million and $500 million, to design, engineer, and manufacture flexible gas injection risers.
“This high-technology solution will sustain reservoir pressure and enhance production efficiency through high-capacity gas reinjection in pre-salt formations in the Santos Basin,” the company said.
The company had topped second-quarter profit estimates in July and reiterated its confidence in reaching its three-year goal of $30 billion of Subsea inbound orders by the end of the year.
TechnipFMC stock has gained nearly 28% this year. The stock closed at $37.55 on Tuesday, above its 50-day simple moving average of $35.11.
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