JPMorgan Chase & Co. Cuts Stake in TechnipFMC plc $FTI

JPMorgan Chase & Co. cut its holdings in shares of TechnipFMC plc (NYSE:FTI) by 35.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,904,604 shares of the oil and gas company’s stock after selling 5,513,097 shares during the quarter. JPMorgan Chase & Co. owned 2.45% of TechnipFMC worth $390,737,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its stake in TechnipFMC by 2.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,374,192 shares of the oil and gas company’s stock worth $409,262,000 after purchasing an additional 232,491 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of TechnipFMC by 13.8% in the second quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after buying an additional 1,202,713 shares during the period. Boston Partners boosted its holdings in TechnipFMC by 267.5% during 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 acquiring an additional 7,038,640 shares during the period. Norges Bank bought a new position in TechnipFMC during the 2nd quarter worth approximately $151,413,000. Finally, Pacer Advisors Inc. increased its stake in TechnipFMC by 91.5% in the 3rd quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock worth $151,382,000 after purchasing an additional 1,833,601 shares during the period. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Price Performance

FTI stock opened at $62.39 on Thursday. 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 1 year low of $22.11 and a 1 year high of $62.98. The firm has a 50-day moving average of $51.73 and a 200 day moving average of $43.93. The company has a market cap of $25.24 billion, a P/E ratio of 27.85, a PEG ratio of 1.19 and a beta of 0.69.

TechnipFMC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC’s payout ratio is currently 8.93%.

TechnipFMC announced that its board has authorized a share buyback program on Wednesday, October 22nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTI. Jefferies Financial Group increased their price objective on TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of TechnipFMC in a report on Thursday, January 22nd. Royal Bank Of Canada upped their price objective on shares of TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. TD Cowen reissued a “buy” rating on shares of TechnipFMC in a research note on Wednesday, January 7th. Finally, Citigroup upped their price target on TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, TechnipFMC has an average rating of “Moderate Buy” and a consensus target price of $48.58.

About TechnipFMC

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.