Oliver Luxxe Assets LLC Sells 27,734 Shares of TechnipFMC plc (NYSE:FTI)

Oliver Luxxe Assets LLC lowered its stake in TechnipFMC plc (NYSE:FTI) by 14.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 166,964 shares of the oil and gas company’s stock after selling 27,734 shares during the period. Oliver Luxxe Assets LLC’s holdings in TechnipFMC were worth $4,832,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. purchased a new stake in shares of TechnipFMC in the third quarter worth $185,643,000. Westfield Capital Management Co. LP bought a new position in TechnipFMC in the 3rd quarter worth about $49,273,000. Jennison Associates LLC grew its position in TechnipFMC by 95.0% during 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 last quarter. Anomaly Capital Management LP increased its stake in TechnipFMC by 50.3% during the 2nd quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock valued at $89,429,000 after purchasing an additional 1,144,087 shares in the last quarter. Finally, Hardman Johnston Global Advisors LLC raised its holdings in TechnipFMC by 13.5% in the third 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 last quarter. Institutional investors own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Piper Sandler assumed coverage on TechnipFMC in a research note on Thursday, December 19th. They issued an “overweight” rating and a $39.00 price target for the company. TD Cowen reaffirmed a “buy” rating and set a $37.00 price objective on shares of TechnipFMC in a research report on Wednesday, November 27th. Susquehanna boosted their target price on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research 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 equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $35.92.

TechnipFMC Stock Performance

FTI traded up $0.23 during trading on Monday, hitting $31.58. The company’s stock had a trading volume of 3,206,764 shares, compared to its average volume of 3,628,752. TechnipFMC plc has a one year low of $18.33 and a one year high of $32.64. The business’s 50 day simple moving average is $29.31 and its 200-day simple moving average is $27.46. 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 firm has a market cap of $13.43 billion, a PE ratio of 20.78 and a beta of 1.54.

TechnipFMC (NYSE:FTI) last released 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 return on equity of 20.11% and a net margin of 7.63%. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $0.21 earnings per share. TechnipFMC’s quarterly revenue was up 14.2% compared to the same quarter last year. As a group, sell-side analysts predict that TechnipFMC plc will post 1.61 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Tuesday, November 19th. TechnipFMC’s payout ratio is 13.16%.

TechnipFMC announced that its Board of Directors has initiated a share buyback program 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 repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.