Castleark Management LLC Sells 65,710 Shares of TechnipFMC plc $FTI

Castleark Management LLC reduced its position in TechnipFMC plc (NYSE:FTI) by 32.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 135,176 shares of the oil and gas company’s stock after selling 65,710 shares during the period. Castleark Management LLC’s holdings in TechnipFMC were worth $9,345,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp boosted its holdings in TechnipFMC by 62.2% in the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after acquiring an additional 4,938,498 shares during the last quarter. Norges Bank bought a new stake in TechnipFMC during the 4th quarter worth about $205,468,000. Invesco Ltd. raised its holdings in TechnipFMC by 64.9% during the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock worth $502,284,000 after purchasing an additional 4,437,960 shares during the last quarter. AQR Capital Management LLC lifted its position in TechnipFMC by 26.7% during the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company’s stock valued at $751,567,000 after purchasing an additional 3,549,839 shares during the period. Finally, Northern Trust Corp lifted its position in TechnipFMC by 46.2% during the 3rd quarter. Northern Trust Corp now owns 3,581,329 shares of the oil and gas company’s stock valued at $141,283,000 after purchasing an additional 1,132,216 shares during the period. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Price Performance

Shares of FTI opened at $76.70 on Monday. The stock has a market cap of $30.58 billion, a P/E ratio of 29.28, a price-to-earnings-growth ratio of 1.61 and a beta of 0.70. TechnipFMC plc has a 1 year low of $34.27 and a 1 year high of $77.92. The stock’s 50-day moving average price is $69.53 and its two-hundred day moving average price is $66.31. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.52 billion. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.TechnipFMC’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 EPS. On average, equities analysts predict that TechnipFMC plc will post 3.01 earnings per share for the current year.

TechnipFMC Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 19th were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s payout ratio is currently 7.63%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Weiss Ratings raised shares of TechnipFMC from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 14th. The Goldman Sachs Group reissued a “buy” rating on shares of TechnipFMC in a research note on Wednesday, June 3rd. Zacks Research lowered shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Jefferies Financial Group reaffirmed a “buy” rating on shares of TechnipFMC in a research note on Sunday, May 31st. Finally, Piper Sandler lifted their target price on shares of TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.64.

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.