New York State Common Retirement Fund Has $12.05 Million Stock Holdings in TechnipFMC plc $FTI

New York State Common Retirement Fund raised its stake in shares of TechnipFMC plc (NYSE:FTI) by 8.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 305,535 shares of the oil and gas company’s stock after buying an additional 23,600 shares during the period. New York State Common Retirement Fund’s holdings in TechnipFMC were worth $12,053,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FTI. Focus Partners Wealth raised its holdings in shares of TechnipFMC by 27.2% during the first quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company’s stock worth $764,000 after acquiring an additional 5,161 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in TechnipFMC by 45.3% in the first 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 increased its holdings in TechnipFMC by 76.1% in the second quarter. Sivia Capital Partners LLC now owns 14,764 shares of the oil and gas company’s stock worth $508,000 after buying an additional 6,381 shares during the last quarter. Truist Financial Corp raised its position in TechnipFMC by 12.1% during the second quarter. Truist Financial Corp now owns 48,819 shares of the oil and gas company’s stock valued at $1,681,000 after acquiring an additional 5,252 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in TechnipFMC by 4.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 126,584 shares of the oil and gas company’s stock valued at $4,360,000 after acquiring an additional 5,218 shares during the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTI has been the topic of several analyst reports. Royal Bank Of Canada increased their price target 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. Jefferies Financial Group increased their target price on shares of TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. UBS Group restated an “outperform” rating on shares of TechnipFMC in a report on Tuesday, October 28th. Susquehanna increased their price objective on TechnipFMC from $48.00 to $56.00 and gave the company a “positive” rating in a report on Wednesday, January 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Stock Performance

Shares of NYSE FTI opened at $56.40 on Tuesday. TechnipFMC plc has a 12 month low of $22.11 and a 12 month high of $56.93. The company has a market cap of $22.82 billion, a P/E ratio of 25.18, a P/E/G ratio of 1.08 and a beta of 0.66. The business’s 50 day moving average is $48.33 and its two-hundred day moving average is $41.91. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14.

TechnipFMC declared that its board has initiated a stock repurchase program on Wednesday, October 22nd that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 13.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

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.