Bank of Nova Scotia Sells 763,921 Shares of TechnipFMC plc $FTI

Bank of Nova Scotia lessened its position in TechnipFMC plc (NYSE:FTI) by 78.7% in the second quarter, HoldingsChannel.com reports. The fund owned 207,220 shares of the oil and gas company’s stock after selling 763,921 shares during the period. Bank of Nova Scotia’s holdings in TechnipFMC were worth $7,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Boston Partners lifted its stake in TechnipFMC by 267.5% in the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock valued at $333,041,000 after purchasing an additional 7,038,640 shares during the last quarter. AQR Capital Management LLC raised its stake in TechnipFMC by 111.4% in the first quarter. AQR Capital Management LLC now owns 8,735,697 shares of the oil and gas company’s stock valued at $273,078,000 after buying an additional 4,602,939 shares during the period. Norges Bank acquired a new stake in shares of TechnipFMC in the second quarter valued at approximately $151,413,000. Nuveen LLC bought a new position in shares of TechnipFMC during the 1st quarter worth approximately $64,217,000. Finally, Encompass Capital Advisors LLC acquired a new position in shares of TechnipFMC during the 1st quarter worth approximately $47,535,000. 96.58% of the stock is owned by institutional investors.

Insider Activity

In other TechnipFMC news, CFO Alf Melin sold 113,760 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $38.61, for a total transaction of $4,392,273.60. Following the sale, the chief financial officer directly owned 241,140 shares in the company, valued at $9,310,415.40. This represents a 32.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Douglas J. Pferdehirt sold 80,304 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $38.35, for a total transaction of $3,079,658.40. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 876,603 shares of company stock worth $33,832,588. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on FTI. Jefferies Financial Group raised their price target on TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Royal Bank Of Canada raised their target price on shares of TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a report on Tuesday, October 28th. Citigroup increased their price target on shares of TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, BNP Paribas set a $47.00 price objective on shares of TechnipFMC and gave the stock an “outperform” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.00.

TechnipFMC Price Performance

Shares of TechnipFMC stock opened at $46.18 on Thursday. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $18.68 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 1.08 and a beta of 0.68. TechnipFMC plc has a twelve month low of $22.11 and a twelve month high of $47.33. The company has a 50-day simple moving average of $41.57 and a two-hundred day simple moving average of $37.72.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.65 by $0.10. TechnipFMC had a net margin of 9.67% and a return on equity of 30.23%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.60 billion. During the same period last year, the firm earned $0.64 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. Analysts forecast that TechnipFMC plc will post 1.63 EPS for the current year.

TechnipFMC declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 22nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Shareholders of record on Tuesday, November 18th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $0.20 annualized dividend and a yield of 0.4%. TechnipFMC’s payout ratio is currently 8.93%.

TechnipFMC Company Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.