Castleark Management LLC Makes New Investment in TechnipFMC plc $FTI

Key Points

• Castleark Management LLC acquired 44,676 TechnipFMC shares in the second quarter, valued at approximately $2.96 million. Institutional ownership stands at 96.58% after several other funds also initiated positions.
• TechnipFMC beat quarterly expectations, reporting $0.91 in EPS versus the $0.80 consensus and $2.76 billion in revenue, up 9% year over year.
• The company declared a quarterly dividend of $0.05 per share, equivalent to a $0.20 annual payout and a 0.3% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $69.64.

Castleark Management LLC acquired a new stake in TechnipFMC plc (NYSE:FTI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 44,676 shares of the oil and gas company's stock, valued at approximately $2,962,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTI. Legal & General Group Plc bought a new stake in shares of TechnipFMC in the 2nd quarter valued at approximately $149,673,000. The Manufacturers Life Insurance Company bought a new position in shares of TechnipFMC during the 2nd quarter worth approximately $13,233,000. Fiduciary Financial Advisors acquired a new stake in TechnipFMC in the 2nd quarter valued at $145,000. L2 Asset Management LLC acquired a new stake in TechnipFMC in the 2nd quarter valued at $896,000. Finally, Cibc World Market Inc. bought a new stake in TechnipFMC in the second quarter valued at $11,408,000. 96.58% of the stock is owned by institutional investors.

TechnipFMC Stock Performance

Shares of TechnipFMC stock opened at $75.71 on Thursday. 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 firm has a market cap of $29.69 billion, a P/E ratio of 26.29, a P/E/G ratio of 1.54 and a beta of 0.72. The firm has a 50 day simple moving average of $71.62 and a 200 day simple moving average of $69.70. TechnipFMC plc has a fifty-two week low of $35.29 and a fifty-two week high of $80.55.

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

TechnipFMC Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Jefferies Financial Group reissued a "buy" rating on shares of TechnipFMC in a report on Sunday, May 31st. UBS Group set a $80.00 target price on shares of TechnipFMC in a research report on Wednesday, June 3rd. Barclays lifted their price target on shares of TechnipFMC from $70.00 to $87.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Susquehanna reduced their price target on shares of TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Finally, Citigroup raised their price objective on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, TechnipFMC currently has an average rating of "Moderate Buy" and a consensus target price of $69.64.

Insider Buying and Selling

In other news, Director Eric D. Mullins acquired 6,365 shares of the company's stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $78.55 per share, with a total value of $499,970.75. Following the acquisition, the director owned 8,070 shares of the company's stock, valued at $633,898.50. This trade represents a 373.31% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by insiders.

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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