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 boosted its holdings in TechnipFMC plc (NYSE:FTI - Free Report) by 23.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. New York State Teachers Retirement System acquired a new position in TechnipFMC in the first quarter valued at approximately $33,000. Westpac Banking Corp acquired a new position in TechnipFMC in the fourth quarter valued at approximately $55,000. Quarry LP lifted its holdings 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 buying an additional 1,248 shares during the period. GAMMA Investing LLC lifted its holdings 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 buying an additional 614 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings 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 buying an additional 2,219 shares during the period. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Susquehanna increased their price objective on shares of TechnipFMC from $40.00 to $45.00 and gave the company a "positive" rating in a report on Friday, July 25th. Barclays upped their target price on shares of TechnipFMC from $45.00 to $51.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. BTIG Research downgraded shares of TechnipFMC from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Sanford C. Bernstein downgraded shares of TechnipFMC from a "strong-buy" rating to a "hold" rating and set a $32.00 target price for the company. in a research note on Thursday, May 22nd. Finally, Wall Street Zen raised shares of TechnipFMC from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, TechnipFMC presently has an average rating of "Moderate Buy" and a consensus price target of $38.92.

Insider Activity

In related news, Director Rousset Sophie Zurquiyah sold 9,381 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $37.12, for a total value of $348,222.72. Following the completion of the transaction, the director owned 62,978 shares of the company's stock, valued at approximately $2,337,743.36. This trade represents a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by corporate insiders.

TechnipFMC Stock Down 1.5%

Shares of FTI stock traded down $0.53 during trading hours on Tuesday, hitting $35.16. 213,511 shares of the company were exchanged, compared to its average volume of 4,485,456. The business has a 50 day moving average of $34.11 and a two-hundred day moving average of $30.72. The company has a current ratio of 1.10, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $38.05. The company has a market capitalization of $14.45 billion, a PE ratio of 16.57, a PEG ratio of 1.16 and a beta of 1.04.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The oil and gas company reported $0.68 earnings per share (EPS) 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 prior year, the firm earned $0.43 earnings per share. The firm's revenue was up 9.0% compared to the same quarter last year. Analysts anticipate that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Tuesday, August 19th will be given 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 dividend yield of 0.6%. TechnipFMC's dividend payout ratio is currently 9.43%.

TechnipFMC Company 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.