Convergence Investment Partners LLC Acquires New Stake in TechnipFMC plc (NYSE:FTI)

Convergence Investment Partners LLC purchased a new stake in shares of TechnipFMC plc (NYSE:FTI) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 25,158 shares of the oil and gas company’s stock, valued at approximately $728,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. increased its stake in TechnipFMC by 23.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock valued at $98,838,000 after purchasing an additional 679,748 shares in the last quarter. Park Avenue Securities LLC bought a new stake in shares of TechnipFMC during the fourth quarter valued at approximately $519,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of TechnipFMC by 971.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 407,638 shares of the oil and gas company’s stock valued at $10,692,000 after acquiring an additional 369,594 shares in the last quarter. ING Groep NV increased its position in shares of TechnipFMC by 15.3% during the third quarter. ING Groep NV now owns 865,294 shares of the oil and gas company’s stock valued at $22,697,000 after acquiring an additional 114,600 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of TechnipFMC in the 3rd quarter worth $49,273,000. 96.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTI has been the subject of several research analyst reports. Citigroup lifted their price objective on TechnipFMC from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Barclays increased their price objective on shares of TechnipFMC from $37.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Jefferies Financial Group raised shares of TechnipFMC from a “hold” rating to a “buy” rating and lifted their target price for the stock from $29.00 to $40.00 in a research report on Friday, December 6th. Piper Sandler initiated coverage on TechnipFMC in a report on Thursday, December 19th. They set an “overweight” rating and a $39.00 price target on the stock. Finally, Evercore ISI lifted their price objective on TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $36.15.

TechnipFMC Stock Performance

NYSE:FTI opened at $30.78 on Thursday. The stock has a 50-day simple moving average of $30.75 and a two-hundred day simple moving average of $28.45. The firm has a market capitalization of $13.09 billion, a PE ratio of 20.25 and a beta of 1.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14. TechnipFMC plc has a 52-week low of $19.48 and a 52-week high of $33.45.

TechnipFMC declared that its board has authorized 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 stock through open market purchases. Stock repurchase programs are usually 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.