Scarborough Advisors LLC Buys Shares of 6,942 TechnipFMC plc (NYSE:FTI)

Scarborough Advisors LLC bought a new position in TechnipFMC plc (NYSE:FTI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,942 shares of the oil and gas company’s stock, valued at approximately $201,000.

A number of other hedge funds also recently made changes to their positions in FTI. Sanctuary Advisors LLC acquired a new stake in TechnipFMC in the second quarter valued at approximately $210,000. GAMMA Investing LLC boosted its holdings in shares of TechnipFMC by 59.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,858 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 693 shares in the last quarter. Creative Planning grew its position in TechnipFMC by 22.9% during the 3rd quarter. Creative Planning now owns 21,372 shares of the oil and gas company’s stock worth $561,000 after acquiring an additional 3,980 shares during the last quarter. Blue Trust Inc. grew its position in TechnipFMC by 203.6% during the 3rd 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 last quarter. Finally, Toth Financial Advisory Corp raised its position in TechnipFMC by 1,900.0% in the third quarter. Toth Financial Advisory Corp now owns 2,000 shares of the oil and gas company’s stock valued at $52,000 after purchasing an additional 1,900 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

TechnipFMC Stock Performance

Shares of FTI stock opened at $30.30 on Friday. The firm’s 50-day simple moving average is $30.74 and its two-hundred day simple moving average is $28.41. 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 $19.23 and a 52 week high of $33.45. The firm has a market cap of $12.89 billion, a price-to-earnings ratio of 19.93 and a beta of 1.52.

TechnipFMC announced that its board 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 purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FTI has been the topic of several research reports. Piper Sandler began coverage on TechnipFMC in a report on Thursday, December 19th. They set an “overweight” rating and a $39.00 price target on the stock. The Goldman Sachs Group initiated coverage on shares of TechnipFMC in a research report on Friday, December 13th. They issued a “buy” rating and a $38.00 price target for the company. Barclays lifted their price target on shares of TechnipFMC from $37.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. HSBC upgraded TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, October 29th. Finally, Evercore ISI lifted their target price 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, TechnipFMC presently has a consensus rating of “Buy” and an average price target of $36.15.

TechnipFMC 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.