Perigon Wealth Management LLC Makes New Investment in TechnipFMC plc $FTI

Key Points

• Perigon Wealth Management purchased 14,650 TechnipFMC shares worth approximately $971,000 during the second quarter. Institutional investors collectively own 96.58% of FTI, while a company director also bought nearly $500,000 in shares.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $69.64. FTI recently traded at $78.39, near its 52-week high of $80.42.
• TechnipFMC exceeded quarterly expectations, reporting $0.91 in EPS and $2.76 billion in revenue, with revenue up 9% year over year. The company also declared a quarterly dividend of $0.05 per share, yielding approximately 0.3%.

Perigon Wealth Management LLC purchased a new stake in shares of TechnipFMC plc (NYSE:FTI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 14,650 shares of the oil and gas company's stock, valued at approximately $971,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTI. AQR Capital Management LLC raised its stake in TechnipFMC by 26.7% in the fourth quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company's stock valued at $751,567,000 after purchasing an additional 3,549,839 shares in the last quarter. State Street Corp grew its stake in TechnipFMC by 62.2% in the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock worth $508,276,000 after buying an additional 4,938,498 shares in the last quarter. Invesco Ltd. grew its stake in TechnipFMC by 64.9% in the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company's stock worth $502,284,000 after buying an additional 4,437,960 shares in the last quarter. Boston Partners increased its holdings in shares of TechnipFMC by 2.0% in the 3rd quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company's stock worth $389,018,000 after buying an additional 192,549 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of TechnipFMC by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,577,261 shares of the oil and gas company's stock worth $337,714,000 after buying an additional 193,244 shares during the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at TechnipFMC

In other TechnipFMC news, Director Eric D. Mullins acquired 6,365 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $78.55 per share, with a total value of $499,970.75. Following the completion of the transaction, the director directly owned 8,070 shares of the company's stock, valued at approximately $633,898.50. This represents a 373.31% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTI. UBS Group set a $80.00 price objective on TechnipFMC in a report on Wednesday, June 3rd. Weiss Ratings raised TechnipFMC from a "buy (b)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Susquehanna decreased their price target on shares of TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Evercore restated an "outperform" rating and issued a $83.00 price objective on shares of TechnipFMC in a report on Friday, May 1st. Finally, Citigroup upped their price objective on shares of TechnipFMC from $76.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $69.64.

TechnipFMC Price Performance

FTI stock opened at $78.39 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.08 and a quick ratio of 0.85. TechnipFMC plc has a 1 year low of $34.27 and a 1 year high of $80.42. The firm has a 50-day moving average of $70.72 and a 200 day moving average of $68.84. The company has a market cap of $30.74 billion, a P/E ratio of 27.22, a PEG ratio of 1.62 and a beta of 0.72.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.11. TechnipFMC had a net margin of 11.28% and a return on equity of 36.54%. The firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.67 billion. During the same quarter in the previous year, the business posted $0.68 EPS. The company's quarterly revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts forecast that TechnipFMC plc will post 3.08 EPS for the current year.

TechnipFMC Announces Dividend

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

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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