ING Groep NV Lowers Stock Holdings in TechnipFMC plc $FTI

Key Points

• ING Groep NV cut its TechnipFMC stake by 52.1% in the fourth quarter, selling 569,241 shares and ending with 523,653 shares worth about $23.3 million.
• TechnipFMC posted stronger-than-expected quarterly earnings, reporting EPS of $0.64 versus the $0.57 estimate, while revenue rose 11.6% year over year to $2.49 billion.
• Analysts remain cautiously positive on FTI, with a consensus rating of “Moderate Buy” and an average target price of $69.71, though some firms have recently downgraded the stock to hold.

ING Groep NV decreased its position in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 52.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 523,653 shares of the oil and gas company's stock after selling 569,241 shares during the quarter. ING Groep NV owned approximately 0.13% of TechnipFMC worth $23,334,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Savvy Advisors Inc. purchased a new stake in TechnipFMC in the 3rd quarter worth $708,000. Archford Capital Strategies LLC bought a new stake in shares of TechnipFMC in the 4th quarter worth about $1,691,000. Danske Bank A S bought a new stake in shares of TechnipFMC in the 3rd quarter worth about $52,848,000. Farther Finance Advisors LLC increased its holdings in shares of TechnipFMC by 394.3% in the 4th quarter. Farther Finance Advisors LLC now owns 11,848 shares of the oil and gas company's stock worth $528,000 after buying an additional 9,451 shares during the last quarter. Finally, Asset Management One Co. Ltd. bought a new stake in shares of TechnipFMC in the 4th quarter worth about $833,000. Hedge funds and other institutional investors own 96.58% of the company's stock.

TechnipFMC Stock Performance

Shares of NYSE:FTI opened at $66.76 on Monday. The company has a market capitalization of $26.62 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.44 and a beta of 0.69. TechnipFMC plc has a 12 month low of $31.88 and a 12 month high of $77.78. The firm's 50-day moving average is $71.66 and its 200 day moving average is $60.36. 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 quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 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 net margin of 10.62% and a return on equity of 34.06%. The firm's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. Research analysts predict that TechnipFMC plc will post 2.98 EPS for the current year.

TechnipFMC Announces Dividend

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

Wall Street Analysts Forecast Growth

FTI has been the topic of a number of research reports. TD Cowen restated a "buy" rating on shares of TechnipFMC in a report on Friday, February 20th. Zacks Research downgraded shares of TechnipFMC from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Piper Sandler boosted their target price on shares of TechnipFMC from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. Weiss Ratings upgraded shares of TechnipFMC from a "buy (b)" rating to a "buy (a-)" rating in a report on Wednesday, May 6th. Finally, HSBC downgraded shares of TechnipFMC from a "buy" rating to a "hold" rating and boosted their target price for the stock from $49.00 to $62.00 in a report on Friday, February 20th. 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. According to data from MarketBeat.com, TechnipFMC has a consensus rating of "Moderate Buy" and a consensus target price of $69.71.

Insider Activity

In other TechnipFMC news, CFO Alf Melin sold 43,554 shares of the company's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $63.13, for a total value of $2,749,564.02. Following the transaction, the chief financial officer directly owned 238,983 shares in the company, valued at $15,086,996.79. This represents a 15.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rousset Sophie Zurquiyah sold 6,350 shares of the company's stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $69.32, for a total transaction of $440,182.00. Following the completion of the transaction, the director owned 59,887 shares in the company, valued at $4,151,366.84. This represents a 9.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.40% of the company's stock.

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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