Pinnbrook Capital Management LP Trims Stake in TechnipFMC plc $FTI

Key Points

• Pinnbrook Capital Management cut its TechnipFMC stake by 26.8% in the fourth quarter, leaving it with 45,816 shares valued at about $2.0 million.
• TechnipFMC reported better-than-expected quarterly earnings of $0.64 per share, topping estimates, while revenue rose 11.6% year over year to $2.49 billion.
• The company declared a quarterly dividend of $0.05 per share, and analysts currently have a consensus Moderate Buy rating with a $69 price target.

Pinnbrook Capital Management LP trimmed its stake in TechnipFMC plc (NYSE:FTI - Free Report) by 26.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,816 shares of the oil and gas company's stock after selling 16,743 shares during the period. Pinnbrook Capital Management LP's holdings in TechnipFMC were worth $2,042,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in shares of TechnipFMC by 34.0% in the 3rd quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company's stock worth $525,339,000 after purchasing an additional 3,378,159 shares in the last quarter. State Street Corp increased its stake in shares of 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 purchasing an additional 4,938,498 shares in the last quarter. Boston Partners increased its stake 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 purchasing an additional 192,549 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in TechnipFMC by 184.0% in the 3rd quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company's stock worth $189,460,000 after buying an additional 3,111,399 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in TechnipFMC by 3.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,763,630 shares of the oil and gas company's stock worth $187,942,000 after buying an additional 137,507 shares during the period. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Stock Down 1.1%

Shares of NYSE:FTI opened at $71.45 on Friday. 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 plc has a 12 month low of $28.87 and a 12 month high of $77.78. The company has a 50-day moving average price of $70.98 and a 200 day moving average price of $58.34. The company has a market cap of $28.49 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 1.56 and a beta of 0.74.

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 analysts' consensus estimates of $0.57 by $0.07. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. The firm had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the firm earned $0.33 EPS. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that TechnipFMC plc will post 2.96 earnings per share for the current year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Tuesday, May 19th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, May 19th. TechnipFMC's dividend payout ratio is 7.63%.

Insider Buying and Selling

In related news, insider Jonathan Landes sold 116,194 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $62.20, for a total value of $7,227,266.80. Following the sale, the insider directly owned 71,356 shares of the company's stock, valued at $4,438,343.20. This represents a 61.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alf Melin sold 43,554 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $63.13, for a total transaction of $2,749,564.02. Following the completion of the sale, the chief financial officer directly owned 238,983 shares in the company, valued at $15,086,996.79. This trade represents a 15.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,216,442 shares of company stock worth $75,762,414 over the last three months. 1.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FTI. Weiss Ratings raised shares of TechnipFMC from a "buy (b)" rating to a "buy (a-)" rating in a report on Wednesday, May 6th. UBS Group set a $70.00 target price on shares of TechnipFMC in a report on Friday, February 20th. HSBC downgraded shares of TechnipFMC from a "buy" rating to a "hold" rating and upped their target price for the stock from $49.00 to $62.00 in a report on Friday, February 20th. TD Cowen reaffirmed a "buy" rating on shares of TechnipFMC in a report on Friday, February 20th. Finally, Royal Bank Of Canada upped their target price on shares of TechnipFMC from $78.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

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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