Chase Investment Counsel Corp Makes New $3.60 Million Investment in TechnipFMC plc $FTI

Chase Investment Counsel Corp purchased a new stake in shares of TechnipFMC plc (NYSE:FTI) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 91,163 shares of the oil and gas company’s stock, valued at approximately $3,596,000.

Other hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its holdings in TechnipFMC by 2.3% during the 3rd 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 buying an additional 232,491 shares in the last quarter. AQR Capital Management LLC raised its position in shares of TechnipFMC by 13.8% during the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after acquiring an additional 1,202,713 shares in the last quarter. Boston Partners raised its holdings in TechnipFMC by 267.5% during the second quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after purchasing an additional 7,038,640 shares in the last quarter. Norges Bank purchased a new stake in TechnipFMC in the second quarter valued at $151,413,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of 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 valued at $151,382,000 after purchasing an additional 1,833,601 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $64.15 on Tuesday. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $64.99. The company has a 50-day moving average price of $52.74 and a 200 day moving average price of $44.57. The company has a market cap of $25.66 billion, a P/E ratio of 27.77, a PEG ratio of 1.23 and a beta of 0.69. The company has a quick ratio of 0.89, a current ratio of 1.13 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.19. The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.54 billion. TechnipFMC had a return on equity of 31.14% and a net margin of 9.70%.The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. Research analysts predict that TechnipFMC plc will post 1.63 earnings per share for the current year.

TechnipFMC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s dividend payout ratio (DPR) is 8.66%.

Analyst Upgrades and Downgrades

FTI has been the topic of several research analyst reports. Citigroup lifted their price target on TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Piper Sandler raised their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. UBS Group set a $70.00 price target on shares of TechnipFMC in a research report on Friday. Barclays reiterated an “overweight” rating and set a $69.00 price target on shares of TechnipFMC in a research note on Friday. Finally, Jefferies Financial Group lifted their price objective on shares of TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, TechnipFMC has a consensus rating of “Moderate Buy” and a consensus target price of $55.93.

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.