Saudi Central Bank Invests $1.86 Million in TechnipFMC plc $FTI

Key Points

• Saudi Central Bank acquired a new $1.86 million stake in TechnipFMC during the second quarter, purchasing 27,997 shares. Institutional investors and hedge funds collectively own 96.58% of the company.
• TechnipFMC reported stronger-than-expected quarterly results, with earnings of $0.91 per share and revenue of $2.76 billion, up 9% year over year. The company also maintains a quarterly dividend of $0.05 per share.
• Analyst sentiment remains broadly positive, with 13 Buy ratings and three Hold ratings, producing a “Moderate Buy” consensus. Director Eric Mullins separately purchased nearly $500,000 worth of shares in August.

Saudi Central Bank acquired a new stake in TechnipFMC plc (NYSE:FTI - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 27,997 shares of the oil and gas company's stock, valued at approximately $1,856,000.

Several other large investors also recently modified their holdings of FTI. Focus Partners Wealth lifted its holdings in TechnipFMC by 27.2% in the first quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company's stock valued at $764,000 after buying an additional 5,161 shares during the period. Geneos Wealth Management Inc. raised its position in shares of TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock worth $35,000 after acquiring an additional 340 shares in the last quarter. Sivia Capital Partners LLC lifted its stake 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 valued at $508,000 after purchasing an additional 6,381 shares during the period. 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 boosted its position in shares of TechnipFMC by 52.0% during 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 in the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

TechnipFMC Stock Down 0.2%

FTI stock opened at $79.66 on Tuesday. The firm has a market capitalization of $31.24 billion, a PE ratio of 27.66, a P/E/G ratio of 1.59 and a beta of 0.74. The company has a quick ratio of 0.85, a current ratio of 1.08 and a debt-to-equity ratio of 0.10. TechnipFMC plc has a twelve month low of $35.29 and a twelve month high of $80.70. The stock's 50 day moving average is $73.69 and its 200-day moving average is $70.69.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. TechnipFMC's revenue was up 9.0% compared to the same quarter last year. Sell-side analysts expect that TechnipFMC plc will post 3.17 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Tuesday, August 18th were issued a $0.05 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC's dividend payout ratio is currently 6.94%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FTI shares. The Goldman Sachs Group reiterated a "buy" rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Weiss Ratings cut TechnipFMC from a "buy (a-)" rating to a "buy (b+)" rating in a report on Thursday, August 27th. Susquehanna reduced their price objective on shares of TechnipFMC from $90.00 to $85.00 and set a "positive" rating for the company in a research report on Wednesday, July 8th. Wall Street Zen lowered shares of TechnipFMC from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of TechnipFMC in a research report on Sunday, May 31st. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $69.64.

Insider Activity at TechnipFMC

In other news, Director Eric Mullins purchased 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 trade represents a 373.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding FTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TechnipFMC plc (NYSE:FTI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.