State of New Jersey Common Pension Fund D Reduces Stake in TechnipFMC plc (NYSE:FTI)

State of New Jersey Common Pension Fund D reduced its stake in TechnipFMC plc (NYSE:FTI) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 200,373 shares of the oil and gas company’s stock after selling 5,974 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in TechnipFMC were worth $5,256,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. raised its holdings in TechnipFMC by 203.6% during the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 735 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of TechnipFMC in the third quarter worth about $30,000. GAMMA Investing LLC increased its holdings in shares of TechnipFMC by 73.1% in the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 492 shares during the last quarter. ORG Partners LLC bought a new stake in shares of TechnipFMC in the second quarter worth about $33,000. Finally, Crewe Advisors LLC bought a new stake in shares of TechnipFMC in the second quarter worth about $51,000. 96.58% of the stock is owned by institutional investors.

TechnipFMC Stock Up 0.8 %

Shares of NYSE:FTI opened at $29.00 on Tuesday. TechnipFMC plc has a 1 year low of $18.33 and a 1 year high of $29.85. The business has a 50 day simple moving average of $26.26 and a two-hundred day simple moving average of $26.29. The firm has a market capitalization of $12.34 billion, a PE ratio of 19.08 and a beta of 1.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the business earned $0.21 earnings per share. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, equities analysts predict that TechnipFMC plc will post 1.47 EPS for the current year.

TechnipFMC Dividend Announcement

The company 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. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.69%. TechnipFMC’s payout ratio is 13.16%.

TechnipFMC announced that its Board of Directors has initiated a share repurchase plan on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the oil and gas company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FTI. Bank of America lifted their target price on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 14th. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. HSBC upgraded TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Tuesday, October 29th. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, BMO Capital Markets lifted their price target on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $33.30.

TechnipFMC Company 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.