New York State Teachers Retirement System Buys 287,711 Shares of TechnipFMC plc $FTI

New York State Teachers Retirement System raised its stake in shares of TechnipFMC plc (NYSE:FTI) by 14,930.5% in the third quarter, Holdings Channel reports. The institutional investor owned 289,638 shares of the oil and gas company’s stock after buying an additional 287,711 shares during the quarter. New York State Teachers Retirement System’s holdings in TechnipFMC were worth $11,426,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of TechnipFMC by 5,475.0% in the third quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 657 shares during the period. Geneos Wealth Management Inc. boosted its holdings in TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 340 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of TechnipFMC during the 2nd quarter valued at $44,000. McIlrath & Eck LLC increased its holdings in shares of TechnipFMC by 476.3% in the third quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock worth $49,000 after purchasing an additional 1,024 shares during the period. Finally, Ossiam raised its position in shares of TechnipFMC by 52.0% in the second quarter. Ossiam now owns 1,597 shares of the oil and gas company’s stock worth $55,000 after buying an additional 546 shares in the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Trading Up 3.3%

FTI stock opened at $52.10 on Thursday. The company has a market capitalization of $21.08 billion, a PE ratio of 23.26, a price-to-earnings-growth ratio of 0.98 and a beta of 0.66. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. TechnipFMC plc has a one year low of $22.11 and a one year high of $52.76. The company’s 50 day moving average price is $45.53 and its two-hundred day moving average price is $40.07.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.65 by $0.10. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.60 billion. TechnipFMC had a net margin of 9.67% and a return on equity of 30.23%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 EPS. As a group, analysts predict that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

TechnipFMC declared that its Board of Directors has approved a share buyback program 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 purchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

TechnipFMC Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Stockholders of record on Tuesday, November 18th were issued a $0.05 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $0.20 annualized dividend and a dividend yield of 0.4%. TechnipFMC’s payout ratio is currently 8.93%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TechnipFMC in a report on Wednesday, October 8th. UBS Group reiterated an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Piper Sandler boosted their price target on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Royal Bank Of Canada raised their price objective on shares of TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Finally, TD Cowen upped their target price on shares of TechnipFMC from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.46.

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.