57,329 Shares in TechnipFMC plc $FTI Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems purchased 57,329 shares of TechnipFMC plc, valued at approximately $1,974,000, in the second quarter of 2023.
• Several institutional investors have increased their positions in TechnipFMC, with 96.58% of the stock now owned by such investors.
• Analysts have a consensus rating of “Buy” for TechnipFMC, with a price target averaging $41.93, following positive earnings performance that exceeded consensus estimates.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of TechnipFMC plc (NYSE:FTI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 57,329 shares of the oil and gas company's stock, valued at approximately $1,974,000.

Several other large investors have also bought and sold shares of the stock. Diversified Trust Co raised its position in TechnipFMC by 0.8% during the 2nd quarter. Diversified Trust Co now owns 40,830 shares of the oil and gas company's stock worth $1,406,000 after purchasing an additional 306 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock worth $35,000 after acquiring an additional 340 shares in the last quarter. Financial Network Wealth Advisors LLC raised its position in shares of TechnipFMC by 29.7% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 1,511 shares of the oil and gas company's stock worth $48,000 after acquiring an additional 346 shares in the last quarter. Diversify Advisory Services LLC raised its position in shares of TechnipFMC by 5.1% in the 1st quarter. Diversify Advisory Services LLC now owns 7,506 shares of the oil and gas company's stock worth $238,000 after acquiring an additional 362 shares in the last quarter. Finally, Acuitas Investments LLC raised its position in shares of TechnipFMC by 13.4% in the 1st quarter. Acuitas Investments LLC now owns 3,394 shares of the oil and gas company's stock worth $108,000 after acquiring an additional 400 shares in the last quarter. 96.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTI has been the subject of several research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of TechnipFMC in a research report on Wednesday, October 8th. Piper Sandler set a $48.00 price objective on TechnipFMC and gave the stock an "overweight" rating in a research report on Tuesday, October 14th. BNP Paribas set a $47.00 price objective on TechnipFMC and gave the stock an "outperform" rating in a research report on Friday, October 10th. Royal Bank Of Canada lifted their price objective on TechnipFMC from $37.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Citigroup reissued a "buy" rating and issued a $41.00 price objective (up from $35.00) on shares of TechnipFMC in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $41.93.

TechnipFMC Stock Performance

Shares of TechnipFMC stock opened at $36.48 on Wednesday. TechnipFMC plc has a one year low of $22.11 and a one year high of $41.29. The firm has a market capitalization of $14.99 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 1.07 and a beta of 1.04. The business has a 50-day simple moving average of $37.70 and a 200 day simple moving average of $33.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 0.86.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, July 24th. The oil and gas company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.11. TechnipFMC had a return on equity of 29.42% and a net margin of 9.60%.The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same period in the previous year, the company posted $0.43 EPS. The firm's revenue was up 9.0% compared to the same quarter last year. TechnipFMC has set its FY 2025 guidance at EPS. On average, research analysts anticipate that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other TechnipFMC news, Director Rousset Sophie Zurquiyah sold 9,381 shares of TechnipFMC stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $37.12, for a total transaction of $348,222.72. Following the completion of the transaction, the director owned 62,978 shares in the company, valued at approximately $2,337,743.36. The trade was a 12.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alf Melin sold 113,760 shares of TechnipFMC stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $38.61, for a total value of $4,392,273.60. Following the transaction, the chief financial officer owned 241,140 shares of the company's stock, valued at $9,310,415.40. This trade represents a 32.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 885,984 shares of company stock worth $34,180,811 over the last 90 days. Company insiders own 1.80% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.