Fmr LLC Trims Stake in TechnipFMC plc (NYSE:FTI)

Fmr LLC trimmed its stake in TechnipFMC plc (NYSE:FTI) by 8.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,266,021 shares of the oil and gas company’s stock after selling 1,969,999 shares during the period. Fmr LLC owned 5.00% of TechnipFMC worth $557,808,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTI. Pacer Advisors Inc. purchased a new stake in shares of TechnipFMC in the 3rd quarter worth $185,643,000. Westfield Capital Management Co. LP purchased a new stake in shares of TechnipFMC in the 3rd quarter worth $49,273,000. Jennison Associates LLC increased its stake in shares of TechnipFMC by 95.0% in the 3rd quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock worth $61,918,000 after purchasing an additional 1,150,049 shares in the last quarter. Anomaly Capital Management LP increased its stake in shares of TechnipFMC by 50.3% in the 2nd quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock worth $89,429,000 after purchasing an additional 1,144,087 shares in the last quarter. Finally, Hardman Johnston Global Advisors LLC boosted its holdings in TechnipFMC by 13.5% in the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after buying an additional 1,071,103 shares during the period. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Stock Down 0.1 %

Shares of NYSE:FTI opened at $31.01 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. TechnipFMC plc has a 12 month low of $18.33 and a 12 month high of $31.53. The company has a 50-day moving average price of $27.44 and a 200 day moving average price of $26.56. The company has a market cap of $13.19 billion, a price-to-earnings ratio of 20.40 and a beta of 1.51.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm earned $0.21 EPS. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, equities research analysts predict that TechnipFMC plc will post 1.58 earnings per share for the current year.

TechnipFMC announced that its board has authorized a share buyback program on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

TechnipFMC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s payout ratio is 13.16%.

Analyst Ratings Changes

FTI has been the subject of several recent analyst reports. Barclays upped their target price on shares of TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. TD Cowen reaffirmed a “buy” rating and issued a $37.00 target price on shares of TechnipFMC in a report on Wednesday. HSBC raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a report on Tuesday, October 29th. Susquehanna upped their target price on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a report on Friday, October 25th. Finally, Hsbc Global Res raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $33.91.

TechnipFMC Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.