TechnipFMC plc $FTI Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia raised its holdings in TechnipFMC plc (NYSE:FTI) by 115.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 447,075 shares of the oil and gas company’s stock after buying an additional 239,855 shares during the quarter. Bank of Nova Scotia’s holdings in TechnipFMC were worth $17,637,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTI. Blue Trust Inc. lifted 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 acquiring an additional 657 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in TechnipFMC in the third quarter valued at approximately $32,000. Geneos Wealth Management Inc. increased 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 purchasing an additional 340 shares during the last quarter. Huntington National Bank raised its stake in TechnipFMC by 317.8% during the third quarter. Huntington National Bank now owns 1,195 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 909 shares during the period. Finally, McIlrath & Eck LLC boosted its holdings in shares of 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 purchasing an additional 1,024 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Insider Buying and Selling

In related news, EVP Luana Duffe sold 47,951 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $62.43, for a total value of $2,993,580.93. Following the transaction, the executive vice president owned 78,871 shares in the company, valued at approximately $4,923,916.53. The trade was a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Justin Rounce sold 172,276 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $62.10, for a total value of $10,698,339.60. Following the completion of the transaction, the executive vice president directly owned 119,667 shares of the company’s stock, valued at $7,431,320.70. This represents a 59.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,210,092 shares of company stock worth $75,322,232 over the last quarter. Company insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTI. Barclays restated an “overweight” rating and set a $69.00 price objective on shares of TechnipFMC in a report on Friday, February 20th. Susquehanna lifted their target price on TechnipFMC from $56.00 to $71.00 and gave the company a “positive” rating in a report on Friday, February 20th. Zacks Research upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 23rd. BMO Capital Markets raised their price objective on TechnipFMC from $52.00 to $67.00 and gave the stock a “market perform” rating in a report on Monday, February 23rd. Finally, UBS Group set a $70.00 price objective on TechnipFMC in a research note on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.47.

TechnipFMC Trading Up 1.1%

FTI opened at $63.71 on Tuesday. The firm’s 50 day moving average is $58.70 and its 200-day moving average is $47.67. TechnipFMC plc has a 52-week low of $22.11 and a 52-week high of $68.29. The company has a quick ratio of 0.89, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $25.49 billion, a P/E ratio of 27.58, a P/E/G ratio of 1.16 and a beta of 0.70.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share for the quarter, beating the consensus estimate 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 net margin of 9.70% and a return on equity of 31.14%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. Analysts expect that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

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

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.