Norges Bank Purchases New Shares in TechnipFMC plc $FTI

Key Points

• Norges Bank disclosed a new fourth-quarter position in TechnipFMC, buying 4.61 million shares worth about $205.5 million and ending with roughly 1.14% ownership of the company.
• Wall Street sentiment remains positive, with several analysts raising price targets; the stock carries a Moderate Buy consensus and an average target of $69.
• TechnipFMC reported better-than-expected quarterly earnings of $0.64 per share on revenue of $2.49 billion, while also announcing a quarterly dividend of $0.05 per share.

Norges Bank acquired a new position in shares of TechnipFMC plc (NYSE:FTI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,611,043 shares of the oil and gas company's stock, valued at approximately $205,468,000. Norges Bank owned 1.14% of TechnipFMC at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FTI. State Street Corp lifted its holdings in shares of TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock valued at $508,276,000 after buying an additional 4,938,498 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of TechnipFMC by 34.0% during the 3rd quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company's stock valued at $525,339,000 after buying an additional 3,378,159 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of TechnipFMC by 184.0% during the 3rd quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company's stock valued at $189,460,000 after buying an additional 3,111,399 shares during the last quarter. Danske Bank A S acquired a new stake in shares of TechnipFMC during the 3rd quarter valued at about $52,848,000. Finally, Northern Trust Corp lifted its holdings in shares of TechnipFMC by 46.2% during the 3rd quarter. Northern Trust Corp now owns 3,581,329 shares of the oil and gas company's stock valued at $141,283,000 after buying an additional 1,132,216 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTI. Susquehanna raised their price objective on TechnipFMC from $83.00 to $90.00 and gave the company a "positive" rating in a research note on Friday, May 1st. Evercore reaffirmed an "outperform" rating and issued a $83.00 price target on shares of TechnipFMC in a research report on Friday, May 1st. The Goldman Sachs Group lifted their price target on TechnipFMC from $66.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, April 15th. TD Cowen reiterated a "buy" rating on shares of TechnipFMC in a research report on Friday, February 20th. Finally, Piper Sandler boosted their price objective on TechnipFMC from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $69.00.

TechnipFMC Stock Up 1.4%

Shares of TechnipFMC stock opened at $69.42 on Wednesday. TechnipFMC plc has a 1 year low of $30.86 and a 1 year high of $77.78. The business has a 50-day moving average of $71.68 and a two-hundred day moving average of $59.65. The company has a market capitalization of $27.68 billion, a P/E ratio of 26.49, a price-to-earnings-growth ratio of 1.47 and a beta of 0.69. 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 (NYSE:FTI - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The company had revenue of $2.49 billion during 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 for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 earnings per share. As a group, equities analysts predict that TechnipFMC plc will post 2.98 EPS for the current year.

TechnipFMC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, May 19th. TechnipFMC's dividend payout ratio (DPR) is currently 7.63%.

Insider Transactions at TechnipFMC

In other news, insider Jonathan Landes sold 116,194 shares of TechnipFMC stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $62.20, for a total transaction of $7,227,266.80. Following the completion of the transaction, the insider directly owned 71,356 shares in the company, valued at approximately $4,438,343.20. The trade was a 61.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alf Melin sold 43,554 shares of the company's stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 238,983 shares in the company, valued at approximately $15,086,996.79. This represents a 15.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,210,092 shares of company stock valued at $75,347,124. 1.40% of the stock is owned by company insiders.

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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