TechnipFMC plc $FTI Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its stake in TechnipFMC plc (NYSE:FTI) by 62.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,649 shares of the oil and gas company’s stock after selling 19,686 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in TechnipFMC were worth $460,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Boston Partners increased its stake in TechnipFMC by 267.5% in the 2nd 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 during the second quarter valued at about $151,413,000. Pacer Advisors Inc. boosted its holdings in shares of TechnipFMC by 91.5% in the third quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock worth $151,382,000 after buying an additional 1,833,601 shares during the period. Qube Research & Technologies Ltd increased its position in shares of TechnipFMC by 61.6% in the second quarter. Qube Research & Technologies Ltd now owns 3,399,955 shares of the oil and gas company’s stock worth $117,094,000 after acquiring an additional 1,296,358 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of TechnipFMC by 13.8% during 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 acquiring an additional 1,202,713 shares during the period. 96.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FTI shares. Wall Street Zen raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Royal Bank Of Canada raised their target price on TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Piper Sandler upped their price target on TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. BNP Paribas Exane set a $47.00 price objective on TechnipFMC and gave the stock an “outperform” rating in a research note on Friday, October 10th. Finally, Jefferies Financial Group lifted their target price on 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 issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $55.70 on Friday. The firm has a market cap of $22.53 billion, a price-to-earnings ratio of 24.87, a P/E/G ratio of 1.09 and a beta of 0.66. TechnipFMC plc has a 1 year low of $22.11 and a 1 year high of $56.93. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $48.09 and a 200 day simple moving average of $41.68.

TechnipFMC declared that its board has approved a share repurchase program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is 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.