Navellier & Associates Inc. Boosts Stock Position in TechnipFMC plc (NYSE:FTI)

Navellier & Associates Inc. boosted its holdings in shares of TechnipFMC plc (NYSE:FTI) by 0.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,500 shares of the oil and gas company’s stock after buying an additional 786 shares during the quarter. Navellier & Associates Inc.’s holdings in TechnipFMC were worth $2,216,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTI. Pacer Advisors Inc. purchased a new stake in shares of TechnipFMC in the 3rd quarter valued at approximately $185,643,000. Foundry Partners LLC purchased a new stake in shares of TechnipFMC in the 3rd quarter valued at about $342,000. Jennison Associates LLC boosted its position 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 valued at $61,918,000 after purchasing an additional 1,150,049 shares during the period. Avior Wealth Management LLC grew its stake in TechnipFMC by 4,558.4% during the 3rd quarter. Avior Wealth Management LLC now owns 13,556 shares of the oil and gas company’s stock worth $356,000 after buying an additional 13,265 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in TechnipFMC by 12.6% during the third quarter. PNC Financial Services Group Inc. now owns 213,539 shares of the oil and gas company’s stock worth $5,601,000 after buying an additional 23,893 shares during the period. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $29.02 on Thursday. The firm has a market capitalization of $12.35 billion, a price-to-earnings ratio of 19.09 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. The business’s 50 day simple moving average is $26.84 and its 200-day simple moving average is $26.42. TechnipFMC plc has a 12 month low of $18.33 and a 12 month high of $29.85.

TechnipFMC (NYSE:FTI) last released its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.25. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The business’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS. As a group, equities analysts forecast that TechnipFMC plc will post 1.55 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Tuesday, November 19th. TechnipFMC’s payout ratio is 13.16%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FTI. Bank of America raised their target price on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. TD Cowen raised their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Susquehanna upped their price objective on TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday, October 25th. Citigroup lifted their target price on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Royal Bank of Canada initiated coverage on TechnipFMC in a research note on Monday. They set an “outperform” rating and a $37.00 price target for the company. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company 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.