SCP Investment LP Lowers Holdings in TechnipFMC plc (NYSE:FTI)

SCP Investment LP trimmed its position in TechnipFMC plc (NYSE:FTI) by 31.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,800 shares of the oil and gas company’s stock after selling 4,000 shares during the period. SCP Investment LP’s holdings in TechnipFMC were worth $231,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FTI. Edgestream Partners L.P. purchased a new position in TechnipFMC during the first quarter worth about $965,000. Raymond James & Associates grew its holdings in shares of TechnipFMC by 12.0% during the second quarter. Raymond James & Associates now owns 339,386 shares of the oil and gas company’s stock worth $8,875,000 after purchasing an additional 36,326 shares in the last quarter. Atria Investments Inc bought a new position in shares of TechnipFMC in the first quarter worth approximately $1,684,000. 1832 Asset Management L.P. raised its stake in TechnipFMC by 70.6% in the first quarter. 1832 Asset Management L.P. now owns 54,735 shares of the oil and gas company’s stock valued at $1,374,000 after purchasing an additional 22,645 shares in the last quarter. Finally, ING Groep NV lifted its position in 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 purchasing an additional 114,600 shares during the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Stock Performance

NYSE:FTI opened at $28.79 on Wednesday. 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 fifty-two week low of $18.33 and a fifty-two week high of $29.85. The firm has a market cap of $12.25 billion, a PE ratio of 18.94 and a beta of 1.51. The business has a 50 day moving average price of $26.74 and a 200-day moving average price of $26.40.

TechnipFMC (NYSE:FTI) last announced its quarterly 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. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.21 EPS. Equities research analysts predict that TechnipFMC plc will post 1.55 earnings per share for the current year.

TechnipFMC announced that its board has approved a stock buyback program on Wednesday, October 23rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

TechnipFMC Announces Dividend

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 dividend of $0.05 per share. The ex-dividend date 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%.

Wall Street Analyst Weigh In

FTI has been the topic of several research reports. Barclays raised their price objective on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. TD Cowen lifted their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Royal Bank of Canada started coverage on TechnipFMC in a report on Monday. They issued an “outperform” rating and a $37.00 price objective for the company. HSBC raised TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Tuesday, October 29th. Finally, Bank of America upped their target price on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price 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.