SCP Investment LP Sells 4,000 Shares of TechnipFMC plc (NYSE:FTI)

SCP Investment LP decreased its position in TechnipFMC plc (NYSE:FTI) by 31.3% in the third quarter, Holdings Channel.com reports. The firm owned 8,800 shares of the oil and gas company’s stock after selling 4,000 shares during the quarter. SCP Investment LP’s holdings in TechnipFMC were worth $231,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of TechnipFMC by 8.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 40,594,774 shares of the oil and gas company’s stock worth $1,019,337,000 after acquiring an additional 3,259,348 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of TechnipFMC by 0.3% during the first quarter. Vanguard Group Inc. now owns 40,049,860 shares of the oil and gas company’s stock valued at $1,005,652,000 after purchasing an additional 134,880 shares in the last quarter. Hardman Johnston Global Advisors LLC lifted its holdings in shares of TechnipFMC by 13.5% during the third quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock valued at $236,482,000 after purchasing an additional 1,071,103 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of TechnipFMC by 2.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,733,621 shares of the oil and gas company’s stock worth $228,384,000 after purchasing an additional 204,435 shares in the last quarter. Finally, Anomaly Capital Management LP grew its stake in shares of TechnipFMC by 50.3% in the 2nd quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock worth $89,429,000 after buying an additional 1,144,087 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Performance

FTI opened at $28.79 on Wednesday. The firm has a market cap of $12.25 billion, a P/E ratio of 18.94 and a beta of 1.51. TechnipFMC plc has a 1-year low of $18.33 and a 1-year high of $29.85. The company has a 50 day simple moving average of $26.74 and a two-hundred day simple moving average of $26.40. 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 issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 prior year, the business posted $0.21 EPS. TechnipFMC’s revenue for the quarter was up 14.2% compared to the same quarter last year. Equities analysts forecast that TechnipFMC plc will post 1.55 earnings per share for the current fiscal year.

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

TechnipFMC Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have issued reports on FTI. Bank of America lifted their price objective on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Susquehanna lifted their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research report on Friday, October 25th. Hsbc Global Res raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Royal Bank of Canada started coverage on shares of TechnipFMC in a report on Monday. They issued an “outperform” rating and a $37.00 target price for the company. Finally, StockNews.com upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $33.91.

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.