Bank of New York Mellon Corp Acquires 194,799 Shares of TechnipFMC plc $FTI

Key Points

• Bank of New York Mellon increased its stake in TechnipFMC by 7.3% in the first quarter, buying 194,799 additional shares and bringing its total holdings to 2.88 million shares worth about $199 million.
• TechnipFMC continues to attract institutional buying and bullish analyst sentiment, with 96.58% of the stock now owned by institutions and several firms, including Citigroup and Weiss Ratings, recently upgrading or reiterating positive ratings. The consensus analyst view remains Moderate Buy with a target price of $69.64.
• The company reported solid quarterly results, posting EPS of $0.64 versus expectations of $0.57 and revenue growth of 11.6% year over year. Shares recently traded around $72.09, near their 52-week high of $77.78.

Bank of New York Mellon Corp grew its holdings in TechnipFMC plc (NYSE:FTI - Free Report) by 7.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,878,798 shares of the oil and gas company's stock after buying an additional 194,799 shares during the period. Bank of New York Mellon Corp owned approximately 0.72% of TechnipFMC worth $199,011,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in FTI. State Street Corp raised its holdings in TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock valued at $508,276,000 after buying an additional 4,938,498 shares during the period. Norges Bank bought a new position in TechnipFMC during the fourth quarter valued at $205,468,000. Invesco Ltd. raised its stake in shares of TechnipFMC by 64.9% in the fourth quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company's stock valued at $502,284,000 after acquiring an additional 4,437,960 shares during the period. AQR Capital Management LLC lifted its holdings in shares of TechnipFMC by 26.7% in the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company's stock worth $751,567,000 after acquiring an additional 3,549,839 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of TechnipFMC by 46.2% in the 3rd quarter. Northern Trust Corp now owns 3,581,329 shares of the oil and gas company's stock worth $141,283,000 after acquiring an additional 1,132,216 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FTI has been the topic of several analyst reports. Weiss Ratings upgraded shares of TechnipFMC from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday. Citigroup raised their price objective on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. The Goldman Sachs Group restated a "buy" rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. Wall Street Zen raised TechnipFMC from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of TechnipFMC in a report on Sunday, May 31st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, TechnipFMC has a consensus rating of "Moderate Buy" and a consensus target price of $69.64.

TechnipFMC Trading Up 0.1%

Shares of FTI opened at $72.09 on Friday. The firm has a market capitalization of $28.74 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 1.52 and a beta of 0.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.13 and a quick ratio of 0.88. TechnipFMC plc has a 1-year low of $31.88 and a 1-year high of $77.78. The company has a 50-day moving average of $69.26 and a 200 day moving average of $65.15.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.52 billion. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 EPS. On average, research analysts expect that TechnipFMC plc will post 3.01 EPS for the current year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th 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, May 19th. TechnipFMC's dividend payout ratio (DPR) is presently 7.63%.

TechnipFMC Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company's activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.

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