TechnipFMC plc $FTI Shares Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia more than doubled its stake in TechnipFMC, increasing holdings by 115.7% to 447,075 shares (adding 239,855) worth $17,637,000, while institutional investors own about 96.58% of the stock.
• TechnipFMC beat EPS expectations with $0.70 vs. $0.51 estimated and reported revenue of $2.52 billion (up 6.3% year-over-year), supporting a strong ROE of 31.14% and a market cap near $25.5 billion.
• Significant insider selling occurred on March 9, with EVP Justin Rounce selling 172,276 shares and CFO Alf Melin selling 83,721 shares; insiders have sold 1,210,092 shares (~$75.3 million) in the past 90 days, leaving insiders with roughly 1.8% ownership.

Bank of Nova Scotia increased its position in TechnipFMC plc (NYSE:FTI - Free Report) by 115.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 447,075 shares of the oil and gas company's stock after acquiring an additional 239,855 shares during the period. Bank of Nova Scotia owned approximately 0.11% of TechnipFMC worth $17,637,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FTI. Blue Trust Inc. raised its holdings in TechnipFMC by 5,475.0% during the third quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 657 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in TechnipFMC in the third quarter valued at $32,000. Geneos Wealth Management Inc. increased its position in shares of TechnipFMC by 45.3% in the first 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. Huntington National Bank increased its position in shares of TechnipFMC by 317.8% in the third quarter. Huntington National Bank now owns 1,195 shares of the oil and gas company's stock valued at $47,000 after buying an additional 909 shares in the last quarter. Finally, McIlrath & Eck LLC raised its stake in shares of TechnipFMC by 476.3% during the 3rd quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company's stock worth $49,000 after buying an additional 1,024 shares during the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on FTI shares. HSBC lowered shares of TechnipFMC from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $49.00 to $62.00 in a research report on Friday, February 20th. Piper Sandler lifted their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an "overweight" rating in a research report on Thursday, December 18th. Royal Bank Of Canada upped their price target on shares of TechnipFMC from $47.00 to $70.00 and gave the company an "outperform" rating in a report on Friday, February 20th. TD Cowen reiterated a "buy" rating on shares of TechnipFMC in a research report on Friday, February 20th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TechnipFMC in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $58.47.

Insider Buying and Selling at TechnipFMC

In related news, EVP Justin Rounce sold 172,276 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $62.10, for a total transaction of $10,698,339.60. Following the sale, the executive vice president owned 119,667 shares in the company, valued at approximately $7,431,320.70. This trade represents a 59.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alf Melin sold 83,721 shares of TechnipFMC stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $61.83, for a total transaction of $5,176,469.43. Following the completion of the sale, the chief financial officer directly owned 282,537 shares of the company's stock, valued at $17,469,262.71. The trade was a 22.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,210,092 shares of company stock valued at $75,322,232. 1.80% of the stock is owned by corporate insiders.

TechnipFMC Trading Up 1.1%

TechnipFMC stock opened at $63.71 on Tuesday. The stock has a 50-day moving average price of $58.70 and a 200 day moving average price of $47.67. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $68.29. The stock has a market cap of $25.49 billion, a PE ratio of 27.58, a P/E/G ratio of 1.16 and a beta of 0.70. The company has a current ratio of 1.13, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI - Get Free Report) last released its earnings results on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.19. TechnipFMC had a net margin of 9.70% and a return on equity of 31.14%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm earned $0.54 EPS. The firm's quarterly revenue was up 6.3% on a year-over-year basis. Equities research analysts predict that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC's dividend payout ratio is presently 8.66%.

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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