State of New Jersey Common Pension Fund D Cuts Position in TechnipFMC plc $FTI

State of New Jersey Common Pension Fund D cut its holdings in TechnipFMC plc (NYSE:FTI) by 11.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,103 shares of the oil and gas company’s stock after selling 19,224 shares during the period. State of New Jersey Common Pension Fund D’s holdings in TechnipFMC were worth $5,645,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. AE Wealth Management LLC grew its holdings in TechnipFMC by 38.0% in the third quarter. AE Wealth Management LLC now owns 183,603 shares of the oil and gas company’s stock worth $7,243,000 after purchasing an additional 50,593 shares during the period. Lingohr Asset Management GmbH lifted its holdings in shares of TechnipFMC by 461.7% in the third quarter. Lingohr Asset Management GmbH now owns 212,295 shares of the oil and gas company’s stock valued at $8,375,000 after purchasing an additional 174,500 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of TechnipFMC by 80.6% during the third quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock valued at $125,144,000 after buying an additional 1,415,621 shares during the last quarter. New York State Common Retirement Fund grew its holdings in TechnipFMC by 8.4% during the third quarter. New York State Common Retirement Fund now owns 305,535 shares of the oil and gas company’s stock worth $12,053,000 after buying an additional 23,600 shares in the last quarter. Finally, AQR Capital Management LLC raised 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 valued at $342,279,000 after purchasing an additional 1,202,713 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on FTI shares. Citigroup lifted their price objective on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Barclays upped their target price on shares of TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Piper Sandler boosted their target price on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. Finally, Zacks Research upgraded 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 assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

TechnipFMC Price Performance

FTI opened at $62.39 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. The stock has a market capitalization of $25.24 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 1.19 and a beta of 0.69. The stock’s 50 day moving average price is $51.73 and its 200-day moving average price is $43.93. TechnipFMC plc has a 52-week low of $22.11 and a 52-week high of $62.98.

TechnipFMC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 17th will be paid a $0.05 dividend. 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 declared that its Board of Directors has approved a share buyback program on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

TechnipFMC Company 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.