L2 Asset Management LLC Invests $896,000 in TechnipFMC plc $FTI

Key Points

• L2 Asset Management acquired 13,512 TechnipFMC shares valued at approximately $896,000, while institutional investors collectively own 96.58% of the company.
• TechnipFMC exceeded quarterly expectations, reporting $0.91 in EPS versus the $0.80 consensus and $2.76 billion in revenue, up 9% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $69.64.
• Director Eric D. Mullins purchased 6,365 shares for nearly $500,000, and the company declared a quarterly dividend of $0.05 per share, equivalent to a 0.3% yield.

L2 Asset Management LLC acquired a new position in TechnipFMC plc (NYSE:FTI - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 13,512 shares of the oil and gas company's stock, valued at approximately $896,000.

Other institutional investors have also added to or reduced their stakes in the company. Focus Partners Wealth lifted its position in shares of TechnipFMC by 27.2% in the 1st quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company's stock worth $764,000 after purchasing an additional 5,161 shares during the period. Geneos Wealth Management Inc. boosted its position in TechnipFMC by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock valued at $35,000 after acquiring an additional 340 shares during the last quarter. Sivia Capital Partners LLC raised its position in shares of TechnipFMC by 76.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 14,764 shares of the oil and gas company's stock worth $508,000 after acquiring an additional 6,381 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of TechnipFMC by 132.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,449 shares of the oil and gas company's stock valued at $188,000 after purchasing an additional 3,105 shares during the period. Finally, Ossiam lifted its stake in shares of TechnipFMC by 52.0% in the 2nd quarter. Ossiam now owns 1,597 shares of the oil and gas company's stock valued at $55,000 after purchasing an additional 546 shares during the period. 96.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Evercore reaffirmed an "outperform" rating and set a $83.00 target price on shares of TechnipFMC in a research note on Friday, May 1st. Susquehanna dropped their price target on TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Zacks Research cut TechnipFMC from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Jefferies Financial Group reiterated a "buy" rating on shares of TechnipFMC in a research note on Sunday, May 31st. Finally, Wall Street Zen downgraded shares of TechnipFMC from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $69.64.

TechnipFMC Trading Down 2.0%

Shares of TechnipFMC stock opened at $75.90 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.85 and a current ratio of 1.08. TechnipFMC plc has a 52 week low of $35.29 and a 52 week high of $80.55. The stock has a 50 day moving average price of $71.29 and a two-hundred day moving average price of $69.43. The stock has a market capitalization of $29.76 billion, a PE ratio of 26.35, a price-to-earnings-growth ratio of 1.58 and a beta of 0.72.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the firm earned $0.68 earnings per share. TechnipFMC's revenue for the quarter was up 9.0% on a year-over-year basis. As a group, equities analysts anticipate that TechnipFMC plc will post 3.09 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 18th. TechnipFMC's dividend payout ratio (DPR) is 6.94%.

Insider Buying and Selling at TechnipFMC

In other TechnipFMC news, Director Eric D. Mullins acquired 6,365 shares of TechnipFMC stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $78.55 per share, for a total transaction of $499,970.75. Following the completion of the acquisition, the director directly owned 8,070 shares of the company's stock, valued at $633,898.50. This represents a 373.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company 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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