Vestcor Inc Boosts Stake in TechnipFMC plc $FTI

Vestcor Inc boosted its position in TechnipFMC plc (NYSE:FTI) by 127.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,380 shares of the oil and gas company’s stock after acquiring an additional 38,380 shares during the quarter. Vestcor Inc’s holdings in TechnipFMC were worth $2,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FTI. Boston Partners boosted its position in shares of TechnipFMC by 267.5% during the second quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock valued at $333,041,000 after purchasing an additional 7,038,640 shares in the last quarter. Norges Bank bought a new position in shares of TechnipFMC during the second quarter valued at approximately $151,413,000. Pacer Advisors Inc. raised its stake in TechnipFMC by 91.5% during the third quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock valued at $151,382,000 after buying an additional 1,833,601 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of TechnipFMC by 80.6% in the third 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 during the last quarter. Finally, Qube Research & Technologies Ltd raised its position in shares of TechnipFMC by 61.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 3,399,955 shares of the oil and gas company’s stock worth $117,094,000 after purchasing an additional 1,296,358 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Carvalho Filho Eleazar De sold 6,350 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $65.40, for a total transaction of $415,290.00. Following the completion of the sale, the director directly owned 97,860 shares in the company, valued at approximately $6,400,044. This trade represents a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

TechnipFMC Stock Performance

FTI opened at $64.92 on Wednesday. The firm’s 50-day moving average price is $57.32 and its 200-day moving average price is $46.91. The company has a market cap of $25.97 billion, a P/E ratio of 28.10, a price-to-earnings-growth ratio of 1.17 and a beta of 0.70. TechnipFMC plc has a 52-week low of $22.11 and a 52-week high of $68.29. The company has a quick ratio of 0.89, a current ratio of 1.13 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.19. The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.54 billion. TechnipFMC had a return on equity of 31.14% and a net margin of 9.70%.TechnipFMC’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. As a group, equities analysts anticipate that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, March 17th. TechnipFMC’s dividend payout ratio is currently 8.66%.

Analyst Upgrades and Downgrades

FTI has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of TechnipFMC from $48.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, February 26th. UBS Group set a $70.00 price objective on TechnipFMC in a research report on Friday, February 20th. Zacks Research raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. BMO Capital Markets lifted their price objective on shares of TechnipFMC from $52.00 to $67.00 and gave the company a “market perform” rating in a research report on Monday, February 23rd. Finally, Piper Sandler raised their price target on TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, TechnipFMC presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.47.

About TechnipFMC

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.