Proficio Capital Partners LLC Buys New Position in TechnipFMC plc $FTI

Proficio Capital Partners LLC bought a new stake in shares of TechnipFMC plc (NYSE:FTI) in the 2nd quarter, HoldingsChannel reports. The firm bought 19,625 shares of the oil and gas company’s stock, valued at approximately $1,301,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of TechnipFMC in the 2nd quarter worth $3,081,514,000. AQR Capital Management LLC lifted its holdings in shares of 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 worth $751,567,000 after acquiring an additional 3,549,839 shares during the last quarter. State Street Corp lifted its holdings in shares of TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock worth $508,276,000 after acquiring an additional 4,938,498 shares during the last quarter. Invesco Ltd. grew its position in TechnipFMC by 64.9% in the fourth quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock worth $502,284,000 after acquiring an additional 4,437,960 shares in the last quarter. Finally, Boston Partners grew its position in TechnipFMC by 2.0% in the third quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company’s stock worth $389,018,000 after acquiring an additional 192,549 shares in the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTI. UBS Group set a $80.00 price target on TechnipFMC in a research report on Wednesday, June 3rd. The Goldman Sachs Group reiterated a “buy” rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Weiss Ratings lowered TechnipFMC from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, August 27th. Citigroup raised their price objective on TechnipFMC from $76.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Finally, Susquehanna cut their target price on TechnipFMC from $90.00 to $85.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.64.

Insiders Place Their Bets

In related news, Director Eric D. Mullins purchased 6,365 shares of TechnipFMC stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $78.55 per share, for a total transaction of $499,970.75. Following the transaction, the director directly owned 8,070 shares in the company, valued at $633,898.50. The trade was a 373.31% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by corporate insiders.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $78.32 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.08 and a debt-to-equity ratio of 0.10. The stock has a market cap of $30.71 billion, a PE ratio of 27.19, a PEG ratio of 1.57 and a beta of 0.74. The company’s fifty day moving average is $72.53 and its 200 day moving average is $70.17. TechnipFMC plc has a 52 week low of $35.29 and a 52 week high of $80.55.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.11. TechnipFMC had a net margin of 11.28% and a return on equity of 36.54%. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the business posted $0.68 earnings per share. The company’s revenue was up 9.0% on a year-over-year basis. Research analysts anticipate that TechnipFMC plc will post 3.15 earnings per share for the current year.

TechnipFMC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Tuesday, August 18th will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, August 18th. This represents a $0.20 annualized dividend and a yield of 0.3%. TechnipFMC’s dividend payout ratio is currently 6.94%.

TechnipFMC Company 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.