Bank of Nova Scotia Takes Position in TechnipFMC plc $FTI

Key Points

• Bank of Nova Scotia acquired 541,990 TechnipFMC shares worth approximately $35.9 million, giving it a 0.14% stake. Institutional investors collectively own 96.58% of the company.
• TechnipFMC reported quarterly earnings of $0.91 per share, exceeding the $0.80 consensus estimate, while revenue rose 9% year over year to $2.76 billion.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $69.64; shares recently traded at $77.62, near their 52-week high.

Bank of Nova Scotia bought a new position in TechnipFMC plc (NYSE:FTI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 541,990 shares of the oil and gas company's stock, valued at approximately $35,934,000. Bank of Nova Scotia owned about 0.14% of TechnipFMC at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in TechnipFMC during the 2nd quarter worth approximately $3,081,514,000. State Street Corp lifted its holdings in shares of TechnipFMC by 62.2% in the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock valued at $508,276,000 after purchasing an additional 4,938,498 shares in the last quarter. Norges Bank purchased a new position in shares of TechnipFMC during the fourth quarter valued at approximately $205,468,000. Invesco Ltd. boosted its position in shares of TechnipFMC by 64.9% during 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 buying an additional 4,437,960 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in TechnipFMC by 26.7% during the fourth quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company's stock worth $751,567,000 after buying an additional 3,549,839 shares in the last quarter. Institutional investors own 96.58% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on FTI. Royal Bank Of Canada raised their price objective on TechnipFMC from $78.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Weiss Ratings upgraded shares of TechnipFMC from a "buy (b)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. UBS Group set a $80.00 price target on shares of TechnipFMC in a report on Wednesday, June 3rd. Zacks Research downgraded shares of TechnipFMC from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Wall Street Zen lowered shares of TechnipFMC from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.64.

TechnipFMC Trading Up 0.2%

NYSE FTI opened at $77.62 on Monday. The stock has a market capitalization of $30.44 billion, a price-to-earnings ratio of 26.95, a PEG ratio of 1.58 and a beta of 0.72. TechnipFMC plc has a one year low of $35.29 and a one year high of $80.55. 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 business's fifty day moving average is $71.14 and its 200-day moving average is $69.30.

TechnipFMC (NYSE:FTI - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.11. The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.67 billion. TechnipFMC had a net margin of 11.28% and a return on equity of 36.54%. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. Equities research analysts predict that TechnipFMC plc will post 3.09 EPS for the current year.

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Tuesday, August 18th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 18th. TechnipFMC's payout ratio is 6.94%.

Insiders Place Their Bets

In other news, Director Eric D. Mullins acquired 6,365 shares of TechnipFMC stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $78.55 per share, with a total value of $499,970.75. Following the completion of the acquisition, the director owned 8,070 shares in the company, valued at approximately $633,898.50. This trade represents a 373.31% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.40% of the company's stock.

TechnipFMC Company 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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