Terra Nova Asset Management LLC Purchases New Position in TechnipFMC plc $FTI

Terra Nova Asset Management LLC acquired a new position in shares of TechnipFMC plc (NYSE:FTI) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 26,750 shares of the oil and gas company’s stock, valued at approximately $1,849,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of TechnipFMC by 26.7% in the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company’s stock worth $751,567,000 after purchasing an additional 3,549,839 shares during the period. State Street Corp increased its position in shares of TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after purchasing an additional 4,938,498 shares during the last quarter. Invesco Ltd. raised its holdings in TechnipFMC by 64.9% during the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock valued at $502,284,000 after buying an additional 4,437,960 shares during the period. Boston Partners raised its holdings in TechnipFMC by 2.0% during the 3rd quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company’s stock valued at $389,018,000 after buying an additional 192,549 shares during the period. Finally, Geode Capital Management LLC lifted its position in TechnipFMC by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,577,261 shares of the oil and gas company’s stock worth $337,714,000 after buying an additional 193,244 shares during the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of TechnipFMC in a research note on Wednesday, June 3rd. Wall Street Zen upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Piper Sandler lifted their price target on shares of TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Weiss Ratings upgraded shares of TechnipFMC from a “buy (b)” rating to a “buy (a-)” rating in a report on Wednesday, May 6th. Finally, Susquehanna upped their price target on shares of TechnipFMC from $83.00 to $90.00 and gave the company a “positive” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.00.

Insider Buying and Selling

In related news, Director Rousset Sophie Zurquiyah sold 6,350 shares of TechnipFMC stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $69.32, for a total transaction of $440,182.00. Following the completion of the sale, the director owned 59,887 shares in the company, valued at $4,151,366.84. This trade represents a 9.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is owned by corporate insiders.

TechnipFMC Price Performance

Shares of FTI stock opened at $65.05 on Monday. The stock has a 50 day moving average price of $71.14 and a 200 day moving average price of $62.01. TechnipFMC plc has a 52-week low of $31.88 and a 52-week high of $77.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 1.13. The firm has a market capitalization of $25.93 billion, a P/E ratio of 24.83, a P/E/G ratio of 1.40 and a beta of 0.69.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the company posted $0.33 EPS. TechnipFMC’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts predict that TechnipFMC plc will post 2.98 earnings per share for the current year.

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 19th were issued a $0.05 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. TechnipFMC’s dividend payout ratio is presently 7.63%.

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.