Bank of New York Mellon Corp Raises Stake in TechnipFMC plc $FTI

Bank of New York Mellon Corp lifted its position in shares of TechnipFMC plc (NYSE:FTI) by 80.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,172,213 shares of the oil and gas company’s stock after buying an additional 1,415,621 shares during the quarter. Bank of New York Mellon Corp’s holdings in TechnipFMC were worth $125,144,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

FTI has been the subject of a number of recent analyst reports. Citigroup boosted their target price on shares of TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Weiss Ratings reissued a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Piper Sandler increased their target price on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Zacks Research raised TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 23rd. Finally, Barclays raised their price objective on TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, TechnipFMC presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Stock Down 0.4%

NYSE FTI opened at $55.70 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14. TechnipFMC plc has a fifty-two week low of $22.11 and a fifty-two week high of $56.93. The business has a 50 day moving average price of $48.09 and a two-hundred day moving average price of $41.68. The stock has a market cap of $22.53 billion, a PE ratio of 24.87, a P/E/G ratio of 1.09 and a beta of 0.66.

TechnipFMC announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 22nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 13.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are 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.