Van ECK Associates Corp Has $86.46 Million Position in TechnipFMC plc (NYSE:FTI)

Van ECK Associates Corp boosted its stake in shares of TechnipFMC plc (NYSE:FTI) by 10.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,987,606 shares of the oil and gas company’s stock after acquiring an additional 281,665 shares during the quarter. Van ECK Associates Corp owned 0.70% of TechnipFMC worth $86,461,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FTI. Sanctuary Advisors LLC acquired a new position in TechnipFMC during the second quarter worth $210,000. GAMMA Investing LLC increased its stake in shares of TechnipFMC by 59.5% in the third quarter. GAMMA Investing LLC now owns 1,858 shares of the oil and gas company’s stock valued at $49,000 after buying an additional 693 shares in the last quarter. CWM LLC increased its stake in shares of TechnipFMC by 1,714.4% in the third quarter. CWM LLC now owns 45,450 shares of the oil and gas company’s stock valued at $1,192,000 after buying an additional 42,945 shares in the last quarter. Creative Planning raised its holdings in shares of TechnipFMC by 22.9% in the third quarter. Creative Planning now owns 21,372 shares of the oil and gas company’s stock valued at $561,000 after buying an additional 3,980 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of TechnipFMC by 203.6% in the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 735 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on FTI shares. Piper Sandler started coverage on TechnipFMC in a report on Thursday, December 19th. They issued an “overweight” rating and a $39.00 price target for the company. Barclays lifted their price target on TechnipFMC from $37.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Citigroup lifted their price target on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Evercore ISI lifted their price target on TechnipFMC from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Finally, Royal Bank of Canada started coverage on TechnipFMC in a report on Monday, November 18th. They issued an “outperform” rating and a $37.00 price target for the company. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, TechnipFMC has a consensus rating of “Buy” and a consensus price target of $36.15.

TechnipFMC Price Performance

TechnipFMC stock opened at $30.25 on Friday. The firm has a market capitalization of $12.87 billion, a P/E ratio of 19.90 and a beta of 1.52. TechnipFMC plc has a 1 year low of $19.02 and a 1 year high of $33.45. The business has a 50-day moving average of $30.75 and a 200-day moving average of $28.40. 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 initiated a stock buyback program on Wednesday, October 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.