Savvy Advisors Inc. Takes $708,000 Position in TechnipFMC plc $FTI

Savvy Advisors Inc. purchased a new position in TechnipFMC plc (NYSE:FTI) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 17,942 shares of the oil and gas company’s stock, valued at approximately $708,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTI. AE Wealth Management LLC increased its stake in shares of TechnipFMC by 38.0% in the third quarter. AE Wealth Management LLC now owns 183,603 shares of the oil and gas company’s stock worth $7,243,000 after buying an additional 50,593 shares during the last quarter. Lingohr Asset Management GmbH boosted its stake in TechnipFMC by 461.7% during the 3rd quarter. Lingohr Asset Management GmbH now owns 212,295 shares of the oil and gas company’s stock valued at $8,375,000 after acquiring an additional 174,500 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in TechnipFMC by 80.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock worth $125,144,000 after acquiring an additional 1,415,621 shares in the last quarter. New York State Common Retirement Fund grew its holdings in TechnipFMC by 8.4% during the 3rd quarter. New York State Common Retirement Fund now owns 305,535 shares of the oil and gas company’s stock worth $12,053,000 after acquiring an additional 23,600 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of TechnipFMC by 13.8% in 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 last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Up 0.5%

NYSE:FTI opened at $61.35 on Friday. 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 stock has a 50 day moving average of $50.78 and a 200-day moving average of $43.35. The firm has a market capitalization of $24.82 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 1.18 and a beta of 0.69. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $62.67.

TechnipFMC announced that its board has initiated a share repurchase plan on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 13.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FTI shares. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. TD Cowen restated a “buy” rating on shares of TechnipFMC in a research note on Wednesday, January 7th. Piper Sandler lifted 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 upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. Finally, Barclays upped their price target on TechnipFMC from $51.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.