TechnipFMC plc $FTI Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its TechnipFMC stake by 7.5% in the first quarter, selling 312,474 shares and retaining 3.87 million shares valued at approximately $267.4 million. Institutional investors collectively own 96.58% of the company.
• Analysts remain broadly positive, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $69.64. Recent targets range as high as $87, although Wall Street Zen downgraded the stock to Hold.
• TechnipFMC reported better-than-expected quarterly results, including $0.91 in EPS versus an $0.80 estimate and $2.76 billion in revenue, up 9% year over year. The company also declared a quarterly dividend of $0.05 per share, representing a 0.3% annualized yield.

Bank of America Corp DE cut its holdings in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 7.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,868,117 shares of the oil and gas company's stock after selling 312,474 shares during the period. Bank of America Corp DE owned approximately 0.97% of TechnipFMC worth $267,403,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Focus Partners Wealth lifted its position in shares of TechnipFMC by 27.2% during the 1st 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 in the last quarter. Geneos Wealth Management Inc. grew its stake in 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 valued at $35,000 after acquiring an additional 340 shares during the period. Sivia Capital Partners LLC increased its holdings in 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 worth $508,000 after acquiring an additional 6,381 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in 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 worth $188,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Ossiam raised its position in TechnipFMC by 52.0% during the second quarter. Ossiam now owns 1,597 shares of the oil and gas company's stock worth $55,000 after acquiring an additional 546 shares during the period. Hedge funds and other institutional investors own 96.58% of the company's stock.

Analysts Set New Price Targets

FTI has been the topic of several recent analyst reports. Piper Sandler increased their price objective on shares of TechnipFMC from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. UBS Group set a $80.00 price target on shares of TechnipFMC in a research report on Wednesday, June 3rd. Barclays raised their price target on shares of TechnipFMC from $70.00 to $87.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. The Goldman Sachs Group reiterated a "buy" rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Finally, Wall Street Zen lowered TechnipFMC from a "buy" rating to a "hold" rating in a research note on Saturday. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.64.

TechnipFMC Stock Performance

Shares of TechnipFMC stock opened at $69.28 on Tuesday. The business's 50 day moving average price is $69.45 and its 200 day moving average price is $67.24. The company has a market cap of $27.62 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 1.50 and a beta of 0.72. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.85 and a current ratio of 1.08. TechnipFMC plc has a one year low of $34.27 and a one year high of $77.92.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.67 billion. During the same period in the prior year, the business earned $0.68 EPS. The firm's quarterly revenue was up 9.0% on a year-over-year basis. On average, research analysts predict that TechnipFMC plc will post 3.02 EPS for the current year.

TechnipFMC Dividend Announcement

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

TechnipFMC Profile

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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