Covestor Ltd Cuts Position in TechnipFMC plc (NYSE:FTI)

Covestor Ltd trimmed its holdings in shares of TechnipFMC plc (NYSE:FTI) by 20.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,829 shares of the oil and gas company’s stock after selling 461 shares during the quarter. Covestor Ltd’s holdings in TechnipFMC were worth $48,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FTI. Blue Trust Inc. raised its position in TechnipFMC by 203.6% in the third 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 period. ORG Wealth Partners LLC purchased a new position in TechnipFMC in the third quarter valued at approximately $30,000. GAMMA Investing LLC grew its holdings in TechnipFMC by 73.1% during the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 492 shares during the period. ORG Partners LLC purchased a new stake in TechnipFMC in the second quarter worth $33,000. Finally, Crewe Advisors LLC bought a new stake in shares of TechnipFMC in the second quarter valued at $51,000. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Trading Up 0.9 %

Shares of TechnipFMC stock opened at $28.49 on Friday. 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 plc has a 1 year low of $18.33 and a 1 year high of $29.85. The firm has a market cap of $12.12 billion, a PE ratio of 18.74 and a beta of 1.51. The company has a 50 day simple moving average of $26.45 and a two-hundred day simple moving average of $26.34.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data 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. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm’s revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. Analysts expect that TechnipFMC plc will post 1.47 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.70%. TechnipFMC’s dividend payout ratio (DPR) is presently 13.16%.

TechnipFMC declared that its Board of Directors has approved a share repurchase program 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 reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Bank of America lifted their price objective on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 14th. HSBC upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Tuesday, October 29th. Susquehanna upped their price target on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday, October 25th. Barclays raised their price objective on shares of TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, TD Cowen increased their price objective on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $33.60.

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.