Bank of America Corp DE Invests $226.07 Million in TechnipFMC plc $FTI

Key Points

• Bank of America initiated a $226.07 million position in TechnipFMC during the second quarter, acquiring 3.41 million shares and approximately 0.87% of the company. Institutional investors collectively own 96.58% of FTI.
• TechnipFMC exceeded quarterly expectations, reporting $0.91 in EPS versus the $0.80 consensus and $2.76 billion in revenue, up 9% year over year. The company also declared a $0.05 quarterly dividend, yielding approximately 0.3% annually.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $70, although shares recently opened at $72.84 after trading between $35.29 and $80.70 over the past year.

Bank of America Corp DE bought a new stake 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 (SEC). The institutional investor bought 3,409,795 shares of the oil and gas company's stock, valued at approximately $226,069,000. Bank of America Corp DE owned about 0.87% of TechnipFMC as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of TechnipFMC in the 2nd quarter valued at approximately $3,081,514,000. Geode Capital Management LLC raised its stake in TechnipFMC by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,577,261 shares of the oil and gas company's stock valued at $337,714,000 after purchasing an additional 193,244 shares during the period. Norges Bank acquired a new stake in TechnipFMC during the 4th quarter valued at $205,468,000. Bank of New York Mellon Corp lifted its holdings in shares of TechnipFMC by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 2,878,798 shares of the oil and gas company's stock valued at $199,011,000 after purchasing an additional 194,799 shares in the last quarter. Finally, Amundi lifted its holdings in shares of TechnipFMC by 44.8% in the first quarter. Amundi now owns 2,525,534 shares of the oil and gas company's stock valued at $174,590,000 after purchasing an additional 781,890 shares in the last quarter. Institutional investors and hedge funds own 96.58% of the company's stock.

Insider Buying and Selling

In other news, Director Eric Mullins purchased 6,365 shares of the company's stock in a transaction dated Friday, August 14th. The shares were bought at an average price of $78.55 per share, with a total value of $499,970.75. Following the completion of the transaction, the director directly owned 8,070 shares in the company, valued at $633,898.50. This trade represents a 373.31% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by company insiders.

TechnipFMC Stock Performance

Shares of FTI stock opened at $72.84 on Thursday. TechnipFMC plc has a fifty-two week low of $35.29 and a fifty-two week high of $80.70. The stock's 50-day moving average is $74.85 and its two-hundred day moving average is $71.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.08 and a quick ratio of 0.85. The firm has a market cap of $28.56 billion, a P/E ratio of 25.29, a PEG ratio of 1.49 and a beta of 0.74.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.11. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.67 billion. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The firm's revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 EPS. Analysts predict that TechnipFMC plc will post 3.17 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date was Tuesday, August 18th. TechnipFMC's dividend payout ratio (DPR) is 6.94%.

Wall Street Analyst Weigh In

FTI has been the topic of a number of research analyst reports. The Goldman Sachs Group reiterated a "buy" rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Citigroup raised their price objective on TechnipFMC from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday. UBS Group set a $80.00 target price on TechnipFMC in a research note on Wednesday, June 3rd. Jefferies Financial Group reiterated a "buy" rating on shares of TechnipFMC in a report on Sunday, May 31st. Finally, Wall Street Zen lowered shares of TechnipFMC from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.00.

TechnipFMC Profile

TechnipFMC plc NYSE: FTI is an energy technology company that provides systems, products and services for the development and production of oil and natural gas resources. Its business is organized primarily into Subsea and Surface Technologies, serving energy companies, contractors and other customers across the global energy industry.

The Subsea segment designs and delivers integrated offshore production systems, subsea equipment and related services. Its offerings include subsea trees, manifolds, controls, risers, flexible pipe and other technologies used to develop offshore fields.

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