Principal Financial Group Inc. Acquires 32,784 Shares of TechnipFMC plc $FTI

Key Points

• Principal Financial Group increased its stake in TechnipFMC by 3.8% in Q1, buying 32,784 additional shares and bringing its total holding to 902,663 shares valued at about $62.4 million.
• TechnipFMC reported better-than-expected quarterly earnings, with EPS of $0.64 versus the $0.57 estimate, while revenue rose 11.6% year over year to $2.49 billion.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $69.64, even after some recent target price adjustments.

Principal Financial Group Inc. boosted its holdings in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 902,663 shares of the oil and gas company's stock after acquiring an additional 32,784 shares during the period. Principal Financial Group Inc. owned 0.22% of TechnipFMC worth $62,401,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FTI. Chicago Partners Investment Group LLC increased its stake in shares of TechnipFMC by 46.5% during the first quarter. Chicago Partners Investment Group LLC now owns 27,039 shares of the oil and gas company's stock valued at $1,953,000 after purchasing an additional 8,580 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of TechnipFMC by 7.3% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 692,800 shares of the oil and gas company's stock worth $47,893,000 after purchasing an additional 47,000 shares in the last quarter. Diversify Wealth Management LLC grew its stake in shares of TechnipFMC by 19.9% in the 1st quarter. Diversify Wealth Management LLC now owns 16,956 shares of the oil and gas company's stock worth $1,172,000 after buying an additional 2,811 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new position in TechnipFMC during the 1st quarter valued at approximately $793,000. Finally, Citizens Financial Group Inc. RI increased its position in TechnipFMC by 71.8% during the 1st quarter. Citizens Financial Group Inc. RI now owns 14,998 shares of the oil and gas company's stock valued at $1,038,000 after buying an additional 6,270 shares in the last quarter. Institutional investors own 96.58% of the company's stock.

TechnipFMC Price Performance

Shares of FTI opened at $72.01 on Friday. The firm has a fifty day simple moving average of $69.22 and a two-hundred day simple moving average of $65.10. The firm has a market cap of $28.71 billion, a PE ratio of 27.49, a P/E/G ratio of 1.54 and a beta of 0.70. 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 1-year low of $31.88 and a 1-year high of $77.78.

TechnipFMC (NYSE:FTI - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. The firm had revenue of $2.49 billion for 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% on a year-over-year basis. During the same period last year, the business posted $0.33 EPS. On average, equities analysts anticipate that TechnipFMC plc will post 3.01 EPS for the current year.

TechnipFMC Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Susquehanna cut their target price on TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Evercore reaffirmed an "outperform" rating and issued a $83.00 price target on shares of TechnipFMC in a research report on Friday, May 1st. Citigroup upped their price target on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Royal Bank Of Canada increased their price objective on shares of TechnipFMC from $78.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of TechnipFMC from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, TechnipFMC currently has a consensus rating of "Moderate Buy" and an average price target of $69.64.

About TechnipFMC

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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