TechnipFMC plc $FTI Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds reduced its TechnipFMC stake by 11.8% in the first quarter, selling 21,350 shares and retaining 158,993 shares valued at approximately $11.0 million. Institutional investors collectively own 96.58% of FTI.
• TechnipFMC reported quarterly EPS of $0.64, exceeding estimates of $0.57, while revenue rose 11.6% year over year to $2.49 billion. The company also maintains a quarterly dividend of $0.05 per share.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy”; however, the average price target of $69.64 is below the stock’s reported $76.70 share price.

Gabelli Funds LLC lowered its stake in TechnipFMC plc (NYSE:FTI - Free Report) by 11.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 158,993 shares of the oil and gas company's stock after selling 21,350 shares during the period. Gabelli Funds LLC's holdings in TechnipFMC were worth $10,991,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FTI. Focus Partners Wealth increased 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 last quarter. Geneos Wealth Management Inc. lifted 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 worth $35,000 after buying an additional 340 shares during the last quarter. Sivia Capital Partners LLC grew its position 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 worth $508,000 after acquiring an additional 6,381 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position 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 worth $188,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Ossiam increased its holdings in shares of TechnipFMC by 52.0% in the 2nd quarter. Ossiam now owns 1,597 shares of the oil and gas company's stock valued at $55,000 after acquiring an additional 546 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company's stock.

TechnipFMC Stock Performance

Shares of FTI opened at $76.70 on Monday. The firm has a market capitalization of $30.58 billion, a PE ratio of 29.28, a P/E/G ratio of 1.61 and a beta of 0.70. 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 firm has a 50-day moving average price of $69.53 and a 200 day moving average price of $66.31. TechnipFMC plc has a 52-week low of $34.27 and a 52-week high of $77.92.

TechnipFMC (NYSE:FTI - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.52 billion. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. TechnipFMC's revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS. On average, sell-side analysts anticipate that TechnipFMC plc will post 3.01 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 19th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, May 19th. TechnipFMC's dividend payout ratio (DPR) is currently 7.63%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FTI shares. Piper Sandler raised their price objective on TechnipFMC from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Zacks Research cut shares of TechnipFMC from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. The Goldman Sachs Group restated a "buy" rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of TechnipFMC from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of TechnipFMC in a research note on Sunday, May 31st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $69.64.

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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