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

Fmr LLC reduced its position in TechnipFMC plc (NYSE:FTI) by 8.5% during the third quarter, HoldingsChannel.com reports. The firm owned 21,266,021 shares of the oil and gas company’s stock after selling 1,969,999 shares during the period. Fmr LLC’s holdings in TechnipFMC were worth $557,808,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of TechnipFMC by 203.6% during the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 735 shares during the period. ORG Wealth Partners LLC purchased a new position in shares of TechnipFMC during the third quarter worth approximately $30,000. GAMMA Investing LLC increased its position in shares of TechnipFMC by 73.1% during the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 492 shares during the period. ORG Partners LLC purchased a new position in shares of TechnipFMC during the second quarter worth approximately $33,000. Finally, Crewe Advisors LLC purchased a new position in shares of TechnipFMC during the second quarter worth approximately $51,000. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Price Performance

Shares of FTI opened at $31.01 on Friday. 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 plc has a twelve month low of $18.33 and a twelve month high of $31.53. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average of $27.44 and a two-hundred day moving average of $26.56.

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

TechnipFMC announced that its board has approved a stock buyback program on Wednesday, October 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

TechnipFMC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.64%. TechnipFMC’s payout ratio is currently 13.16%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Susquehanna increased their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday, October 25th. Royal Bank of Canada started coverage on shares of TechnipFMC in a research note on Monday, November 18th. They set an “outperform” rating and a $37.00 price objective on the stock. HSBC upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday, October 29th. Finally, Bank of America increased their price objective on shares of TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, TechnipFMC has a consensus rating of “Buy” and a consensus price target of $33.91.

About TechnipFMC

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.