California Public Employees Retirement System Acquires 116,062 Shares of TechnipFMC plc $FTI

Key Points

• CalPERS boosted its stake in TechnipFMC by 13.1% in the first quarter, adding 116,062 shares and bringing its total holding to 1,003,504 shares worth about $69.4 million.
• Analysts remain upbeat on FTI, with multiple firms raising price targets and the stock carrying a consensus rating of “Moderate Buy” and an average target price of $69.64.
• TechnipFMC reported stronger-than-expected earnings for the latest quarter, posting $0.64 EPS versus estimates of $0.57 and 11.6% year-over-year revenue growth, while also declaring a small quarterly dividend of $0.05 per share.

California Public Employees Retirement System increased its holdings in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 13.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,003,504 shares of the oil and gas company's stock after purchasing an additional 116,062 shares during the period. California Public Employees Retirement System owned approximately 0.25% of TechnipFMC worth $69,372,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTI. Asset Management One Co. Ltd. acquired a new stake in TechnipFMC in the fourth quarter worth $833,000. Fisher Asset Management LLC raised its holdings in shares of TechnipFMC by 7.1% during the fourth quarter. Fisher Asset Management LLC now owns 408,437 shares of the oil and gas company's stock valued at $18,200,000 after purchasing an additional 27,111 shares during the period. Harbor Capital Advisors Inc. bought a new position in shares of TechnipFMC during the 4th quarter worth about $641,000. Archford Capital Strategies LLC bought a new position in shares of TechnipFMC during the 4th quarter worth about $1,691,000. Finally, HighTower Advisors LLC grew its stake in shares of TechnipFMC by 54.7% in the 4th quarter. HighTower Advisors LLC now owns 46,832 shares of the oil and gas company's stock valued at $2,087,000 after buying an additional 16,562 shares during the period. 96.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on FTI shares. Evercore reaffirmed an "outperform" rating and issued a $83.00 target price on shares of TechnipFMC in a research report on Friday, May 1st. Barclays increased their price target on TechnipFMC from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Citigroup boosted their price objective on TechnipFMC from $76.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Weiss Ratings raised TechnipFMC from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. One equities 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 currently has a consensus rating of "Moderate Buy" and an average target price of $69.64.

TechnipFMC Trading Up 0.0%

FTI opened at $72.09 on Monday. TechnipFMC plc has a fifty-two week low of $31.88 and a fifty-two week high of $77.78. The firm has a market capitalization of $28.74 billion, a PE ratio of 27.52, a P/E/G 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. The company's 50-day moving average is $69.26 and its 200 day moving average is $65.29.

TechnipFMC (NYSE:FTI - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.52 billion. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS. As a group, research analysts predict that TechnipFMC plc will post 3.01 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 19th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC's payout ratio is presently 7.63%.

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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