TechnipFMC plc $FTI Shares Sold by Sowell Financial Services LLC

Key Points

• Sowell Financial Services cut its TechnipFMC stake by 70.7% in the third quarter, selling 30,564 shares and retaining 12,690 shares valued at approximately $862,000.
• Institutional investors own 96.58% of TechnipFMC, with major firms including BlackRock, Amundi, Bank of America, and Bank of New York Mellon either initiating or increasing positions.
• TechnipFMC reported quarterly EPS of $0.91, exceeding estimates of $0.80, while revenue rose 9% year over year to $2.76 billion. Analysts maintain a consensus “Buy” rating with an average price target of $74.83.

Sowell Financial Services LLC lessened its holdings in TechnipFMC plc (NYSE:FTI - Free Report) by 70.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,690 shares of the oil and gas company's stock after selling 30,564 shares during the period. Sowell Financial Services LLC's holdings in TechnipFMC were worth $862,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in TechnipFMC during the 2nd quarter worth $3,081,514,000. Amundi increased its holdings in TechnipFMC by 72.6% in the 2nd quarter. Amundi now owns 4,358,115 shares of the oil and gas company's stock valued at $288,943,000 after purchasing an additional 1,832,581 shares in the last quarter. Bank of America Corp DE purchased a new position in TechnipFMC in the second quarter valued at about $226,069,000. Bank of New York Mellon Corp raised its position in TechnipFMC by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 2,878,798 shares of the oil and gas company's stock valued at $199,011,000 after purchasing an additional 194,799 shares during the period. Finally, Danske Bank A S acquired a new position in shares of TechnipFMC during the second quarter worth about $163,822,000. Hedge funds and other institutional investors own 96.58% of the company's stock.

TechnipFMC Stock Performance

NYSE:FTI opened at $69.88 on Friday. The firm has a 50-day moving average of $73.19 and a two-hundred day moving average of $71.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.08 and a quick ratio of 0.85. The stock has a market cap of $27.40 billion, a P/E ratio of 24.26, a PEG ratio of 1.12 and a beta of 0.83. TechnipFMC plc has a 1-year low of $39.06 and a 1-year high of $80.70.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the previous year, the company earned $0.68 earnings per share. The company's revenue for the quarter was up 9.0% compared to the same quarter last year. On average, research analysts expect that TechnipFMC plc will post 3.20 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Tuesday, August 18th. TechnipFMC's dividend payout ratio (DPR) is 6.94%.

Analysts Set New Price Targets

FTI has been the subject of several analyst reports. Weiss Ratings raised TechnipFMC from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, October 16th. Susquehanna reduced their price target on TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. UBS Group began coverage on TechnipFMC in a report on Monday, October 12th. They issued a "buy" rating and a $89.00 price target for the company. Citigroup increased their price objective on shares of TechnipFMC from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, September 15th. Finally, Barclays lowered their price objective on shares of TechnipFMC from $87.00 to $86.00 and set an "overweight" rating for the company in a research report on Thursday, October 15th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, TechnipFMC currently has an average rating of "Buy" and a consensus price target of $74.83.

Insider Activity at TechnipFMC

In other TechnipFMC news, insider Thierry Conti sold 6,000 shares of the company's stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $71.85, for a total value of $431,100.00. Following the transaction, the insider directly owned 85,813 shares of the company's stock, valued at $6,165,664.05. This represents a 6.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Mullins bought 6,365 shares of TechnipFMC stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $78.55 per share, with a total value of $499,970.75. Following the completion of the purchase, the director owned 8,070 shares in the company, valued at approximately $633,898.50. The trade was a 373.31% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.40% of the stock is owned by insiders.

TechnipFMC Profile

TechnipFMC plc NYSE: FTI is an energy technology and services company that designs, manufactures and delivers equipment and integrated solutions for the exploration, development and production of oil and natural gas resources. The company serves energy operators, engineering and construction firms, and other participants across the global energy industry.

TechnipFMC operates through two principal areas: Subsea and Surface Technologies. Its subsea business provides subsea production systems, subsea services, installation solutions and related technologies used to develop offshore fields.

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