Bridgefront Capital LLC Cuts Stock Holdings in TechnipFMC plc $FTI

Bridgefront Capital LLC cut its stake in shares of TechnipFMC plc (NYSE:FTI) by 64.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 12,217 shares of the oil and gas company’s stock after selling 21,732 shares during the quarter. Bridgefront Capital LLC’s holdings in TechnipFMC were worth $482,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of TechnipFMC during the second quarter worth about $151,413,000. AQR Capital Management LLC raised its holdings in TechnipFMC by 34.0% in the third quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company’s stock worth $525,339,000 after purchasing an additional 3,378,159 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of TechnipFMC by 184.0% during the third quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company’s stock valued at $189,460,000 after purchasing an additional 3,111,399 shares in the last quarter. 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. Finally, Bank of New York Mellon Corp boosted its stake in TechnipFMC by 80.6% in 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 purchasing an additional 1,415,621 shares in the last quarter. Institutional investors own 96.58% of the company’s stock.

Insider Transactions at TechnipFMC

In other TechnipFMC news, CAO David Light sold 6,622 shares of TechnipFMC stock in a transaction on Monday, March 9th. The stock was sold at an average price of $62.43, for a total transaction of $413,411.46. Following the completion of the sale, the chief accounting officer directly owned 5,005 shares of the company’s stock, valued at $312,462.15. The trade was a 56.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jonathan Landes sold 116,194 shares of the company’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $62.20, for a total value of $7,227,266.80. Following the completion of the sale, the insider owned 71,356 shares of the company’s stock, valued at $4,438,343.20. This represents a 61.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,210,092 shares of company stock valued at $75,322,232 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FTI. Weiss Ratings reissued a “buy (b)” rating on shares of TechnipFMC in a research report on Thursday, January 22nd. Barclays restated an “overweight” rating and set a $69.00 target price on shares of TechnipFMC in a research note on Friday, February 20th. BMO Capital Markets upped their price objective on TechnipFMC from $52.00 to $67.00 and gave the stock a “market perform” rating in a research note on Monday, February 23rd. Citigroup raised their target price on shares of TechnipFMC from $48.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, The Goldman Sachs Group lifted their price objective on TechnipFMC from $55.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.47.

TechnipFMC Trading Up 1.1%

NYSE FTI opened at $63.71 on Tuesday. The stock has a market cap of $25.49 billion, a PE ratio of 27.58, a PEG ratio of 1.16 and a beta of 0.70. TechnipFMC plc has a 12 month low of $22.11 and a 12 month high of $68.29. The company’s 50-day moving average price is $58.70 and its 200-day moving average price is $47.67. The company has a current ratio of 1.13, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.19. The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.54 billion. TechnipFMC had a net margin of 9.70% and a return on equity of 31.14%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the business posted $0.54 EPS. Equities research analysts forecast that TechnipFMC plc will post 1.63 earnings per share for the current year.

TechnipFMC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. TechnipFMC’s payout ratio is presently 8.66%.

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.