JPMorgan Chase & Co. Sells 5,513,097 Shares of TechnipFMC plc $FTI

JPMorgan Chase & Co. lessened its holdings in TechnipFMC plc (NYSE:FTI) by 35.8% during the third quarter, Holdings Channel.com reports. The firm owned 9,904,604 shares of the oil and gas company’s stock after selling 5,513,097 shares during the quarter. JPMorgan Chase & Co.’s holdings in TechnipFMC were worth $390,737,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Blue Trust Inc. boosted its position in shares of TechnipFMC by 5,475.0% in the 3rd quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 657 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in TechnipFMC by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after buying an additional 340 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in TechnipFMC in the second quarter worth $44,000. McIlrath & Eck LLC grew its stake 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 acquiring an additional 1,024 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in shares of TechnipFMC during the third quarter valued at $51,000. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FTI shares. Jefferies Financial Group upped their price target on shares of TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Piper Sandler raised their price target on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Barclays boosted their price objective on shares of TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, TD Cowen reiterated a “buy” rating on shares of TechnipFMC in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, TechnipFMC presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

TechnipFMC Stock Up 1.8%

Shares of TechnipFMC stock opened at $62.39 on Thursday. TechnipFMC plc has a twelve month low of $22.11 and a twelve month high of $62.98. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $51.73 and its 200 day moving average is $43.93. The company has a market cap of $25.24 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 1.19 and a beta of 0.69.

TechnipFMC announced that its board has approved a stock buyback plan on Wednesday, October 22nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 13.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

TechnipFMC Dividend Announcement

The company also recently disclosed 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 of this dividend is Tuesday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC’s payout ratio is presently 8.93%.

TechnipFMC Profile

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.