PNC Financial Services Group Inc. Raises Stock Holdings in TechnipFMC plc (NYSE:FTI)

PNC Financial Services Group Inc. lifted its holdings in TechnipFMC plc (NYSE:FTI) by 12.6% in the third quarter, HoldingsChannel reports. The firm owned 213,539 shares of the oil and gas company’s stock after purchasing an additional 23,893 shares during the quarter. PNC Financial Services Group Inc.’s holdings in TechnipFMC were worth $5,601,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in shares of TechnipFMC by 203.6% in the 3rd quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock worth $29,000 after buying an additional 735 shares during the last quarter. GAMMA Investing LLC increased its stake 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 worth $30,000 after acquiring an additional 492 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in TechnipFMC during the third quarter valued at approximately $30,000. ORG Partners LLC bought a new stake in shares of TechnipFMC in the 2nd quarter valued at approximately $33,000. Finally, Crewe Advisors LLC purchased a new position in shares of TechnipFMC in the 2nd quarter worth approximately $51,000. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FTI shares. BMO Capital Markets raised their price target on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. Royal Bank of Canada began coverage on shares of TechnipFMC in a report on Monday, November 18th. They set an “outperform” rating and a $37.00 price target on the stock. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Susquehanna increased their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a report on Friday, October 25th. Finally, Bank of America boosted their price objective on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $33.91.

TechnipFMC Stock Performance

Shares of TechnipFMC stock opened at $30.83 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. The stock’s fifty day moving average price is $27.10 and its 200-day moving average price is $26.47. The firm has a market cap of $13.12 billion, a P/E ratio of 20.28 and a beta of 1.51. TechnipFMC plc has a 12 month low of $18.33 and a 12 month high of $30.91.

TechnipFMC (NYSE:FTI) last posted its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, equities research analysts expect that TechnipFMC plc will post 1.56 earnings per share for the current fiscal year.

TechnipFMC announced that its Board of Directors has authorized a share repurchase 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 repurchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders 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 yield of 0.65%. TechnipFMC’s dividend payout ratio (DPR) is presently 13.16%.

About TechnipFMC

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.