TechnipFMC plc $FTI Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC reduced its position in TechnipFMC plc (NYSE:FTI) by 45.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,540 shares of the oil and gas company’s stock after selling 11,354 shares during the period. Townsquare Capital LLC’s holdings in TechnipFMC were worth $534,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in 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 valued at $342,279,000 after purchasing an additional 1,202,713 shares in the last quarter. Abacus FCF Advisors LLC bought a new stake in shares of TechnipFMC in the 3rd quarter worth approximately $6,182,000. Yousif Capital Management LLC boosted its stake in shares of TechnipFMC by 1,563.0% during the 3rd quarter. Yousif Capital Management LLC now owns 132,861 shares of the oil and gas company’s stock worth $5,241,000 after acquiring an additional 124,872 shares in the last quarter. Ellsworth Advisors LLC purchased a new position in shares of TechnipFMC in the third quarter worth approximately $4,444,000. Finally, Amalgamated Bank lifted its stake in TechnipFMC by 715.1% in the 3rd quarter. Amalgamated Bank now owns 189,227 shares of the oil and gas company’s stock worth $7,465,000 after acquiring an additional 166,013 shares in the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Stock Performance

Shares of NYSE FTI opened at $55.70 on Friday. 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 50 day moving average price of $48.09 and a 200 day moving average price of $41.63. The stock has a market capitalization of $22.53 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 1.09 and a beta of 0.66. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $56.93.

TechnipFMC declared that its board has approved a stock repurchase plan on Wednesday, October 22nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 13.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

FTI has been the subject of several research reports. Barclays lifted their price target on TechnipFMC from $51.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, October 27th. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Jefferies Financial Group boosted their price target on shares of TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Royal Bank Of Canada increased their price objective on TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Finally, Piper Sandler upped their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. One research 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

TechnipFMC 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.