Jennison Associates LLC Has $109.81 Million Position in TechnipFMC plc $FTI

Key Points

• Jennison Associates LLC reduced its TechnipFMC stake by 21% in the first quarter, but still held 1.59 million shares valued at about $109.8 million.
• TechnipFMC has drawn mostly positive analyst sentiment, with several firms reiterating or raising price targets; the stock currently carries an average “Moderate Buy” rating and a $69.64 target.
• The company reported better-than-expected Q1 earnings of $0.64 per share, while revenue rose 11.6% year over year to $2.49 billion; it also paid a quarterly dividend of $0.05 per share.

Jennison Associates LLC cut its holdings in TechnipFMC plc (NYSE:FTI - Free Report) by 21.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,588,524 shares of the oil and gas company's stock after selling 422,653 shares during the period. Jennison Associates LLC owned 0.40% of TechnipFMC worth $109,815,000 as of its most recent filing with the SEC.

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

Analyst Ratings Changes

FTI has been the topic of a number of research reports. Susquehanna dropped their target price 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. The Goldman Sachs Group reissued a "buy" rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Citigroup raised their price target on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, June 18th. Royal Bank Of Canada boosted their price objective on shares of TechnipFMC from $78.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Finally, Evercore reaffirmed an "outperform" rating and set a $83.00 price objective on shares of TechnipFMC in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, TechnipFMC presently has an average rating of "Moderate Buy" and an average price target of $69.64.

TechnipFMC Trading Up 0.0%

Shares of FTI opened at $72.09 on Monday. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market cap of $28.74 billion, a PE ratio of 27.52, a PEG ratio of 1.52 and a beta of 0.70. TechnipFMC plc has a 1 year low of $31.88 and a 1 year high of $77.78. The stock has a 50 day simple moving average of $69.26 and a 200-day simple moving average of $65.29.

TechnipFMC (NYSE:FTI - Get Free Report) last announced 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. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the firm earned $0.33 EPS. TechnipFMC's quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that TechnipFMC plc will post 3.01 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

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

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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