Dorsey Wright & Associates Invests $5.47 Million in TechnipFMC plc $FTI

Key Points

• Dorsey Wright & Associates initiated a new position in TechnipFMC during the fourth quarter, buying 122,678 shares valued at about $5.47 million. The stake represents roughly 1.2% of its portfolio and is its 26th largest holding.
• TechnipFMC reported better-than-expected quarterly earnings of $0.64 per share, beating analyst estimates of $0.57, while revenue rose 11.6% year over year to $2.49 billion. The company also posted strong profitability metrics, including a 34.06% return on equity.
• Analyst sentiment remains generally positive, with a consensus rating of Moderate Buy and an average price target of $70. Several firms reiterated bullish views, including Piper Sandler, which lifted its target to $80, and Evercore, which kept a $83 target.

Dorsey Wright & Associates bought a new position in TechnipFMC plc (NYSE:FTI - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 122,678 shares of the oil and gas company's stock, valued at approximately $5,467,000. TechnipFMC accounts for about 1.2% of Dorsey Wright & Associates' investment portfolio, making the stock its 26th biggest holding.

Several other hedge funds have also bought and sold shares of FTI. State Street Corp raised its stake 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 worth $508,276,000 after buying an additional 4,938,498 shares during the period. Norges Bank purchased a new stake in TechnipFMC in the 4th quarter worth approximately $205,468,000. Invesco Ltd. raised its stake in TechnipFMC by 64.9% during the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company's stock worth $502,284,000 after acquiring an additional 4,437,960 shares during the period. AQR Capital Management LLC raised its stake in TechnipFMC by 26.7% during the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company's stock worth $751,567,000 after acquiring an additional 3,549,839 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in TechnipFMC by 184.0% during the third quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company's stock valued at $189,460,000 after purchasing an additional 3,111,399 shares in the last quarter. Institutional investors own 96.58% of the company's stock.

TechnipFMC Stock Performance

NYSE FTI opened at $65.05 on Friday. The stock has a market capitalization of $25.93 billion, a PE ratio of 24.83, a P/E/G ratio of 1.44 and a beta of 0.69. The business has a 50 day simple moving average of $71.28 and a two-hundred day simple moving average of $61.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.13 and a quick ratio of 0.88. TechnipFMC plc has a 1-year low of $31.88 and a 1-year high of $77.78.

TechnipFMC (NYSE:FTI - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. The business 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 company's revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. On average, research analysts predict that TechnipFMC plc will post 2.98 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have weighed in on FTI. Wall Street Zen upgraded shares of TechnipFMC from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Zacks Research downgraded shares of TechnipFMC from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. The Goldman Sachs Group reiterated a "buy" rating on shares of TechnipFMC in a research note on Wednesday, June 3rd. Piper Sandler raised their price target on TechnipFMC from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. Finally, Evercore restated an "outperform" rating and issued a $83.00 price objective on shares of TechnipFMC in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $70.00.

Insider Transactions at TechnipFMC

In related news, Director Rousset Sophie Zurquiyah sold 6,350 shares of the company's stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $69.32, for a total transaction of $440,182.00. Following the sale, the director owned 59,887 shares of the company's stock, valued at $4,151,366.84. This represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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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