Chase Investment Counsel Corp Purchases 86,740 Shares of TechnipFMC plc $FTI

Key Points

• Chase Investment Counsel Corp boosted its TechnipFMC stake by 95.1% in the fourth quarter, buying 86,740 shares and bringing its total holding to 177,903 shares worth about $7.9 million.
• TechnipFMC reported better-than-expected quarterly earnings of $0.64 per share, though revenue of $2.49 billion slightly missed estimates. Revenue still rose 11.6% year over year.
• Analysts remain generally bullish: several firms raised price targets, and the stock now carries a Moderate Buy consensus with an average target price of $66.53, even as insiders recently sold shares.

Chase Investment Counsel Corp raised its position in TechnipFMC plc (NYSE:FTI - Free Report) by 95.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 177,903 shares of the oil and gas company's stock after acquiring an additional 86,740 shares during the quarter. TechnipFMC makes up 2.2% of Chase Investment Counsel Corp's portfolio, making the stock its 15th biggest holding. Chase Investment Counsel Corp's holdings in TechnipFMC were worth $7,927,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FTI. Focus Partners Wealth raised its stake in shares of TechnipFMC by 27.2% in the first quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company's stock worth $764,000 after buying an additional 5,161 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of TechnipFMC by 45.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock worth $35,000 after buying an additional 340 shares during the period. Sivia Capital Partners LLC raised its stake in shares of TechnipFMC by 76.1% in the second quarter. Sivia Capital Partners LLC now owns 14,764 shares of the oil and gas company's stock worth $508,000 after buying an additional 6,381 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of TechnipFMC by 132.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,449 shares of the oil and gas company's stock worth $188,000 after buying an additional 3,105 shares during the period. Finally, Ossiam raised its stake in shares of TechnipFMC by 52.0% in the second quarter. Ossiam now owns 1,597 shares of the oil and gas company's stock worth $55,000 after buying an additional 546 shares during the period. Institutional investors own 96.58% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on FTI shares. HSBC downgraded TechnipFMC from a "buy" rating to a "hold" rating and raised their price objective for the stock from $49.00 to $62.00 in a research note on Friday, February 20th. Piper Sandler raised their price objective on TechnipFMC from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. BMO Capital Markets raised their price objective on TechnipFMC from $52.00 to $67.00 and gave the stock a "market perform" rating in a research note on Monday, February 23rd. The Goldman Sachs Group raised their price objective on TechnipFMC from $66.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Finally, Barclays raised their price objective on TechnipFMC from $70.00 to $87.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $66.53.

TechnipFMC Stock Down 0.1%

Shares of FTI opened at $71.21 on Monday. The business's 50 day moving average is $70.27 and its 200 day moving average is $57.45. The company has a market capitalization of $28.39 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 1.44 and a beta of 0.74. TechnipFMC plc has a 12-month low of $28.87 and a 12-month high of $77.78. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $2.49 billion for 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 firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $0.33 EPS. Research analysts expect that TechnipFMC plc will post 2.95 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, June 3rd. Investors of record on Tuesday, May 19th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, May 19th. TechnipFMC's dividend payout ratio (DPR) is 7.63%.

Insider Buying and Selling at TechnipFMC

In other TechnipFMC news, CFO Alf Melin sold 83,721 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $61.83, for a total transaction of $5,176,469.43. Following the completion of the transaction, the chief financial officer owned 282,537 shares in the company, valued at $17,469,262.71. This trade represents a 22.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jonathan Landes sold 116,194 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $62.20, for a total value of $7,227,266.80. Following the transaction, the insider owned 71,356 shares of the company's stock, valued at $4,438,343.20. This represents a 61.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,216,442 shares of company stock worth $75,762,414 over the last three months. 1.40% of the stock is owned by company insiders.

About TechnipFMC

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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