TechnipFMC plc $FTI Shares Bought by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its stake in TechnipFMC by 7.1% in the fourth quarter, bringing its holdings to 408,437 shares valued at about $18.2 million.
• Several analysts remain constructive on the stock, with recent price-target hikes from firms including Susquehanna, RBC, Evercore, and Goldman Sachs. The consensus rating is Moderate Buy with a target price of $69.00.
• TechnipFMC reported stronger-than-expected quarterly earnings of $0.64 per share, though revenue came in slightly below estimates. The company also announced a quarterly dividend of $0.05 per share, payable June 3.

Fisher Asset Management LLC raised its position in TechnipFMC plc (NYSE:FTI - Free Report) by 7.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 408,437 shares of the oil and gas company's stock after acquiring an additional 27,111 shares during the period. Fisher Asset Management LLC owned approximately 0.10% of TechnipFMC worth $18,200,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of TechnipFMC by 62.2% in the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock valued at $508,276,000 after purchasing an additional 4,938,498 shares during the period. AQR Capital Management LLC lifted its stake in shares of TechnipFMC by 34.0% in the third quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company's stock valued at $525,339,000 after purchasing an additional 3,378,159 shares during the period. Alliancebernstein L.P. lifted its stake in shares of TechnipFMC by 184.0% in the third quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company's stock valued at $189,460,000 after purchasing an additional 3,111,399 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of TechnipFMC by 80.6% in the third quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company's stock valued at $125,144,000 after purchasing an additional 1,415,621 shares during the period. Finally, Danske Bank A S acquired a new stake in shares of TechnipFMC in the third quarter valued at about $52,848,000. Institutional investors and hedge funds own 96.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FTI. Susquehanna raised their price objective on shares of TechnipFMC from $83.00 to $90.00 and gave the company a "positive" rating in a research note on Friday, May 1st. Weiss Ratings upgraded shares of TechnipFMC from a "buy (b)" rating to a "buy (a-)" rating in a research note on Wednesday, May 6th. Royal Bank Of Canada raised their price objective on shares of TechnipFMC from $78.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Evercore reiterated an "outperform" rating and issued a $83.00 price objective on shares of TechnipFMC in a research note on Friday, May 1st. Finally, The Goldman Sachs Group raised their price objective on shares of TechnipFMC from $66.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.00.

Insider Buying and Selling

In other news, CFO Alf Melin sold 83,721 shares of TechnipFMC stock in a transaction dated Monday, March 9th. The shares were 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 in the company, valued at $17,469,262.71. The trade was a 22.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Justin Rounce sold 172,276 shares of TechnipFMC stock in a transaction dated Monday, March 9th. The stock was 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 of the company's stock, valued at approximately $7,431,320.70. This trade represents a 59.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,210,092 shares of company stock worth $75,347,124 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

TechnipFMC Trading Down 5.7%

Shares of FTI opened at $67.34 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.13 and a quick ratio of 0.88. The firm has a 50 day simple moving average of $71.53 and a 200-day simple moving average of $59.13. TechnipFMC plc has a 1-year low of $30.13 and a 1-year high of $77.78. The stock has a market cap of $26.85 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $2.52 billion. During the same period last year, the company posted $0.33 EPS. The company's revenue was up 11.6% on a year-over-year basis. Equities analysts forecast that TechnipFMC plc will post 2.98 EPS for the current fiscal year.

TechnipFMC Announces Dividend

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

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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