Renaissance Group LLC Has $8 Million Stock Position in TechnipFMC plc $FTI

Renaissance Group LLC increased its stake in shares of TechnipFMC plc (NYSE:FTI) by 4.5% during the third quarter, HoldingsChannel reports. The fund owned 202,651 shares of the oil and gas company’s stock after acquiring an additional 8,682 shares during the quarter. Renaissance Group LLC’s holdings in TechnipFMC were worth $7,995,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in shares of TechnipFMC by 5,475.0% during the 3rd quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 657 shares during the period. Geneos Wealth Management Inc. grew its position in TechnipFMC by 45.3% during 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 in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in TechnipFMC during the second quarter valued at about $44,000. McIlrath & Eck LLC raised its holdings in TechnipFMC by 476.3% in the 3rd quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 1,024 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in shares of TechnipFMC in the 3rd quarter worth approximately $51,000. 96.58% of the stock is owned by institutional investors.

TechnipFMC Stock Up 5.1%

Shares of FTI opened at $59.11 on Friday. The business’s 50 day simple moving average is $49.30 and its 200-day simple moving average is $42.47. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. TechnipFMC plc has a one year low of $22.11 and a one year high of $59.48. The company has a market capitalization of $23.91 billion, a P/E ratio of 26.39, a PEG ratio of 1.09 and a beta of 0.69.

TechnipFMC declared that its board has authorized a stock repurchase program on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy up to 13.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FTI shares. BNP Paribas Exane set a $47.00 price objective on TechnipFMC and gave the company an “outperform” rating in a research report on Friday, October 10th. Susquehanna lifted their price target on shares of TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research note on Wednesday, January 7th. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. Piper Sandler lifted their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Finally, Zacks Research raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.