SCP Investment LP Purchases Shares of 28,688 TechnipFMC plc $FTI

Key Points

• SCP Investment LP initiated a new position in TechnipFMC, buying 28,688 shares valued at about $1.28 million in the fourth quarter. The stake now represents roughly 1% of SCP’s portfolio.
• TechnipFMC reported better-than-expected earnings for the latest quarter, posting EPS of $0.64 versus estimates of $0.57, while revenue grew 11.6% year over year. Analysts still see the company earning 2.98 EPS for the full year.
• The company declared a quarterly dividend of $0.05 per share, and analysts remain broadly positive with a Moderate Buy rating and an average price target of $69. Institutional ownership remains very high at 96.58%, even as some insiders have recently sold shares.

SCP Investment LP purchased a new position in TechnipFMC plc (NYSE:FTI - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 28,688 shares of the oil and gas company's stock, valued at approximately $1,278,000. TechnipFMC makes up approximately 1.0% of SCP Investment LP's investment portfolio, making the stock its 25th biggest holding.

Other institutional investors have also recently made changes to their positions in the company. Harbor Investment Advisory LLC purchased a new stake in shares of TechnipFMC in the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. purchased a new position in TechnipFMC during the 3rd quarter valued at approximately $32,000. Geneos Wealth Management Inc. grew its holdings in TechnipFMC by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock valued at $35,000 after buying an additional 340 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in TechnipFMC in the 4th quarter worth approximately $41,000. Finally, Torren Management LLC bought a new stake in TechnipFMC in the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 96.58% of the company's stock.

TechnipFMC Stock Up 1.4%

Shares of FTI opened at $69.42 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $71.68 and a 200 day moving average of $59.65. The company has a market cap of $27.68 billion, a PE ratio of 26.49, a P/E/G ratio of 1.47 and a beta of 0.69. TechnipFMC plc has a 52-week low of $30.86 and a 52-week high of $77.78.

TechnipFMC (NYSE:FTI - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share 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 business had revenue of $2.49 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the previous year, the business posted $0.33 earnings per share. The business's revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts expect that TechnipFMC plc will post 2.98 EPS for the current year.

TechnipFMC Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FTI. Piper Sandler increased their target price on TechnipFMC from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. HSBC downgraded shares of TechnipFMC from a "buy" rating to a "hold" rating and upped their price target for the company from $49.00 to $62.00 in a research note on Friday, February 20th. Weiss Ratings raised shares of TechnipFMC from a "buy (b)" rating to a "buy (a-)" rating in a research note on Wednesday, May 6th. The Goldman Sachs Group boosted their target price on shares of TechnipFMC from $66.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, April 15th. Finally, Citigroup upped their target price on shares of TechnipFMC from $48.00 to $76.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $69.00.

Insider Buying and Selling

In other news, CFO Alf Melin sold 43,554 shares of the company's stock in a transaction that occurred on 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 transaction, the chief financial officer owned 238,983 shares of the company's stock, valued at approximately $15,086,996.79. This represents a 15.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jonathan Landes sold 116,194 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The stock was 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,210,092 shares of company stock worth $75,347,124 over the last three months. 1.40% of the stock is currently owned by company 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.

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