Bank of Nova Scotia Acquires 183,874 Shares of TechnipFMC plc (NYSE:FTI)

Key Points

• Bank of Nova Scotia increased its stake in TechnipFMC plc by 23.4%, now owning 971,141 shares valued at approximately $30.8 million.
• Analyst ratings on TechnipFMC show mixed perspectives, with Barclays raising the price target from $45 to $51, while other firms downgraded their ratings.
• TechnipFMC recently announced a quarterly dividend of $0.05 per share, providing an annual yield of 0.6% to its investors.

Bank of Nova Scotia lifted its holdings in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 23.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 971,141 shares of the oil and gas company's stock after buying an additional 183,874 shares during the period. Bank of Nova Scotia owned approximately 0.23% of TechnipFMC worth $30,775,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. New York State Teachers Retirement System acquired a new stake in shares of TechnipFMC during the first quarter worth about $33,000. Westpac Banking Corp acquired a new stake in TechnipFMC in the fourth quarter valued at about $55,000. Quarry LP lifted its position in TechnipFMC by 95.9% in the fourth quarter. Quarry LP now owns 2,550 shares of the oil and gas company's stock valued at $74,000 after purchasing an additional 1,248 shares during the period. Farther Finance Advisors LLC lifted its position in TechnipFMC by 346.7% in the first quarter. Farther Finance Advisors LLC now owns 2,859 shares of the oil and gas company's stock valued at $92,000 after purchasing an additional 2,219 shares during the period. Finally, GAMMA Investing LLC lifted its position in TechnipFMC by 27.0% in the first quarter. GAMMA Investing LLC now owns 2,886 shares of the oil and gas company's stock valued at $91,000 after purchasing an additional 614 shares during the period. Institutional investors and hedge funds own 96.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FTI shares. Barclays raised their price objective on shares of TechnipFMC from $45.00 to $51.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Royal Bank Of Canada raised their price objective on shares of TechnipFMC from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Evercore ISI increased their target price on shares of TechnipFMC from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Sanford C. Bernstein cut shares of TechnipFMC from a "strong-buy" rating to a "hold" rating and set a $32.00 target price for the company. in a report on Thursday, May 22nd. Finally, Susquehanna increased their target price on shares of TechnipFMC from $40.00 to $45.00 and gave the company a "positive" rating in a report on Friday, July 25th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, TechnipFMC presently has an average rating of "Moderate Buy" and a consensus target price of $38.92.

TechnipFMC Stock Down 1.0%

TechnipFMC stock traded down $0.36 during midday trading on Thursday, hitting $35.21. 473,447 shares of the stock were exchanged, compared to its average volume of 4,459,384. TechnipFMC plc has a 1 year low of $22.11 and a 1 year high of $38.05. The firm has a market cap of $14.47 billion, a P/E ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 0.86. The company has a 50 day moving average price of $34.32 and a two-hundred day moving average price of $30.78.

TechnipFMC (NYSE:FTI - Get Free Report) last released its earnings results on Thursday, July 24th. The oil and gas company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.11. TechnipFMC had a net margin of 9.60% and a return on equity of 29.42%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the previous year, the firm earned $0.43 EPS. The company's revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts predict that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Tuesday, August 19th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $0.20 annualized dividend and a yield of 0.6%. TechnipFMC's dividend payout ratio is currently 9.43%.

Insider Buying and Selling

In other news, Director Rousset Sophie Zurquiyah sold 9,381 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $37.12, for a total transaction of $348,222.72. Following the sale, the director owned 62,978 shares in the company, valued at $2,337,743.36. The trade was a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is currently owned by corporate insiders.

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.