Pinnbrook Capital Management LP Lowers Stock Position in TechnipFMC plc (NYSE:FTI)

Pinnbrook Capital Management LP lessened its position in shares of TechnipFMC plc (NYSE:FTI) by 81.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 345,397 shares of the oil and gas company’s stock after selling 1,554,603 shares during the quarter. TechnipFMC makes up 1.0% of Pinnbrook Capital Management LP’s holdings, making the stock its 21st biggest position. Pinnbrook Capital Management LP owned about 0.08% of TechnipFMC worth $9,996,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Truist Financial Corp grew its holdings in TechnipFMC by 414.2% in the fourth quarter. Truist Financial Corp now owns 38,308 shares of the oil and gas company’s stock valued at $1,109,000 after purchasing an additional 30,858 shares during the period. Scarborough Advisors LLC purchased a new position in shares of TechnipFMC during the 4th quarter valued at approximately $201,000. V Square Quantitative Management LLC grew its position in shares of TechnipFMC by 48.2% in the fourth quarter. V Square Quantitative Management LLC now owns 1,730 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 563 shares during the period. Compagnie Lombard Odier SCmA purchased a new stake in shares of TechnipFMC during the fourth quarter worth about $45,000. Finally, Van ECK Associates Corp raised its position in shares of TechnipFMC by 10.4% during the 4th quarter. Van ECK Associates Corp now owns 2,987,606 shares of the oil and gas company’s stock worth $86,461,000 after purchasing an additional 281,665 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Performance

Shares of FTI opened at $30.30 on Tuesday. The company’s 50 day simple moving average is $30.74 and its 200-day simple moving average is $28.41. The firm has a market cap of $12.89 billion, a PE ratio of 19.93 and a beta of 1.52. TechnipFMC plc has a 12-month low of $19.23 and a 12-month high of $33.45. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

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

Wall Street Analyst Weigh In

FTI has been the subject of several research reports. Evercore ISI boosted their price objective on TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Jefferies Financial Group raised TechnipFMC from a “hold” rating to a “buy” rating and increased their price objective for the company from $29.00 to $40.00 in a research note on Friday, December 6th. HSBC raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, October 29th. Hsbc Global Res raised TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Royal Bank of Canada started coverage on TechnipFMC in a research note on Monday, November 18th. They set an “outperform” rating and a $37.00 target price for the company. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $36.15.

TechnipFMC Company 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.