Norges Bank Invests $96.81 Million in TechnipFMC plc (NYSE:FTI)

Norges Bank acquired a new stake in TechnipFMC plc (NYSE:FTI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,345,145 shares of the oil and gas company’s stock, valued at approximately $96,808,000. Norges Bank owned 0.79% of TechnipFMC as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in TechnipFMC in the 4th quarter valued at about $46,000. Smartleaf Asset Management LLC raised its holdings in shares of TechnipFMC by 55.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,476 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 525 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in TechnipFMC during the fourth quarter worth approximately $45,000. EverSource Wealth Advisors LLC boosted its holdings in TechnipFMC by 393.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,678 shares of the oil and gas company’s stock worth $49,000 after buying an additional 1,338 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its position in 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 worth $50,000 after buying an additional 563 shares during the last quarter. Institutional investors own 96.58% of the company’s stock.

Insider Activity at TechnipFMC

In other news, EVP Justin Rounce sold 42,178 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $26.55, for a total transaction of $1,119,825.90. Following the transaction, the executive vice president now owns 140,207 shares of the company’s stock, valued at approximately $3,722,495.85. This represents a 23.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carvalho Filho Eleazar De sold 9,381 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $29.76, for a total value of $279,178.56. Following the completion of the transaction, the director now directly owns 100,951 shares in the company, valued at $3,004,301.76. The trade was a 8.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,706 shares of company stock valued at $1,651,665. 1.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FTI has been the subject of several research reports. Evercore ISI raised 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. StockNews.com lowered TechnipFMC from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Jefferies Financial Group upgraded TechnipFMC from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $29.00 to $40.00 in a report on Friday, December 6th. Piper Sandler raised their target price on shares of TechnipFMC from $39.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Finally, Barclays upped their price target on shares of TechnipFMC from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, March 3rd. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.31.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $32.16 on Wednesday. The business has a fifty day simple moving average of $29.53 and a 200 day simple moving average of $29.05. 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 plc has a 1 year low of $22.99 and a 1 year high of $33.45. The firm has a market cap of $13.53 billion, a price-to-earnings ratio of 21.16 and a beta of 1.54.

TechnipFMC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Tuesday, March 18th will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, March 18th. This represents a $0.20 annualized dividend and a dividend yield of 0.62%. TechnipFMC’s dividend payout ratio is 10.42%.

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.