Thornburg Investment Management Inc. Trims Stock Holdings in TechnipFMC plc $FTI

Thornburg Investment Management Inc. lessened its position in shares of TechnipFMC plc (NYSE:FTI) by 17.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 528,609 shares of the oil and gas company’s stock after selling 110,706 shares during the quarter. Thornburg Investment Management Inc. owned 0.13% of TechnipFMC worth $18,205,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Credit Agricole S A raised its position in TechnipFMC by 170.3% during the 1st quarter. Credit Agricole S A now owns 94,097 shares of the oil and gas company’s stock worth $2,982,000 after buying an additional 59,281 shares during the last quarter. OMNI 360 Wealth Inc. acquired a new stake in shares of TechnipFMC in the second quarter worth $226,000. Charles Schwab Investment Management Inc. increased its stake in shares of TechnipFMC by 3.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,761,185 shares of the oil and gas company’s stock worth $119,192,000 after acquiring an additional 111,644 shares during the period. Entropy Technologies LP purchased a new position in shares of TechnipFMC during the first quarter worth $1,056,000. Finally, Raymond James Financial Inc. lifted its position in TechnipFMC by 26.2% during the first quarter. Raymond James Financial Inc. now owns 399,126 shares of the oil and gas company’s stock valued at $12,648,000 after purchasing an additional 82,902 shares during the period. 96.58% of the stock is owned by institutional investors and hedge funds.

TechnipFMC Stock Performance

Shares of FTI stock opened at $45.00 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. TechnipFMC plc has a 12-month low of $22.11 and a 12-month high of $45.09. The business’s 50 day moving average is $40.22 and its two-hundred day moving average is $36.61. The company has a market capitalization of $18.20 billion, a P/E ratio of 20.09, a P/E/G ratio of 1.20 and a beta of 1.00.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.10. TechnipFMC had a return on equity of 30.23% and a net margin of 9.67%.The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.60 billion. During the same period in the prior year, the company posted $0.64 EPS. The business’s quarterly revenue was up 12.7% on a year-over-year basis. TechnipFMC has set its FY 2025 guidance at EPS. Analysts expect that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Tuesday, November 18th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, November 18th. This represents a $0.20 dividend on an annualized basis and a yield of 0.4%. TechnipFMC’s dividend payout ratio is currently 8.93%.

TechnipFMC announced that its Board of Directors has initiated a share buyback program on Wednesday, October 22nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

FTI has been the topic of several analyst reports. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Piper Sandler raised their target price on TechnipFMC from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Barclays lifted 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. Wall Street Zen upgraded TechnipFMC from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. Finally, Zacks Research lowered shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.36.

Insider Buying and Selling at TechnipFMC

In other news, CFO Alf Melin sold 113,760 shares of TechnipFMC stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $38.61, for a total value of $4,392,273.60. Following the sale, the chief financial officer owned 241,140 shares in the company, valued at $9,310,415.40. This trade represents a 32.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas J. Pferdehirt sold 632,539 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $38.62, for a total transaction of $24,428,656.18. Following the transaction, the chief executive officer owned 2,917,054 shares of the company’s stock, valued at approximately $112,656,625.48. This trade represents a 17.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 876,603 shares of company stock valued at $33,832,588 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

TechnipFMC Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.