Hsbc Holdings PLC Sells 15,930 Shares of TechnipFMC plc $FTI

Key Points

• HSBC Holdings reduced its TechnipFMC stake by 44.4% in the first quarter, selling 15,930 shares and retaining 19,961 shares valued at approximately $1.38 million.
• TechnipFMC has a “Moderate Buy” consensus rating from analysts, with an average price target of $69.64; targets range as high as $85, despite one recent downgrade to “Hold.”
• FTI opened at $74.95, near its 52-week high of $77.92. In its latest quarter, the company reported adjusted earnings of $0.64 per share, exceeding estimates, while revenue rose 11.6% year over year to $2.49 billion.

Hsbc Holdings PLC decreased its stake in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 44.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,961 shares of the oil and gas company's stock after selling 15,930 shares during the quarter. Hsbc Holdings PLC's holdings in TechnipFMC were worth $1,380,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. PFG Investments LLC increased its holdings in shares of TechnipFMC by 2.4% during the first quarter. PFG Investments LLC now owns 7,160 shares of the oil and gas company's stock valued at $495,000 after acquiring an additional 165 shares in the last quarter. Independent Advisor Alliance boosted its stake in TechnipFMC by 0.3% in the 4th quarter. Independent Advisor Alliance now owns 61,262 shares of the oil and gas company's stock worth $2,730,000 after purchasing an additional 184 shares in the last quarter. Personal CFO Solutions LLC grew its position in TechnipFMC by 3.0% during the 4th quarter. Personal CFO Solutions LLC now owns 7,759 shares of the oil and gas company's stock valued at $346,000 after purchasing an additional 225 shares during the last quarter. Evolve Private Wealth LLC grew its position in TechnipFMC by 0.7% during the 1st quarter. Evolve Private Wealth LLC now owns 34,879 shares of the oil and gas company's stock valued at $2,411,000 after purchasing an additional 227 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in TechnipFMC by 5.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,266 shares of the oil and gas company's stock valued at $235,000 after purchasing an additional 262 shares in the last quarter. 96.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FTI has been the subject of several recent analyst reports. Susquehanna decreased their target price on shares of TechnipFMC from $90.00 to $85.00 and set a "positive" rating for the company in a report on Wednesday, July 8th. UBS Group set a $80.00 price target on shares of TechnipFMC in a research report on Wednesday, June 3rd. Evercore restated an "outperform" rating and issued a $83.00 price objective on shares of TechnipFMC in a report on Friday, May 1st. Citigroup upped their price objective on TechnipFMC from $76.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Finally, Zacks Research downgraded TechnipFMC from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. One research 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's stock. Based on data from MarketBeat.com, TechnipFMC currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.64.

TechnipFMC Price Performance

FTI opened at $74.95 on Tuesday. The company's 50-day simple moving average is $69.56 and its two-hundred day simple moving average is $66.50. TechnipFMC plc has a 52-week low of $34.27 and a 52-week high of $77.92. The stock has a market capitalization of $29.88 billion, a P/E ratio of 28.61, a P/E/G ratio of 1.61 and a beta of 0.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 1.13.

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 for the quarter, beating the consensus estimate of $0.57 by $0.07. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. The firm had revenue of $2.49 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the previous year, the company earned $0.33 earnings per share. The firm's quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts predict that TechnipFMC plc will post 3.01 EPS for the current year.

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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