Norges Bank Acquires Shares of 4,611,043 TechnipFMC plc $FTI

Norges Bank purchased a new position in shares of TechnipFMC plc (NYSE:FTI) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,611,043 shares of the oil and gas company’s stock, valued at approximately $205,468,000.

Other institutional investors also recently modified their holdings of the company. Focus Partners Wealth grew its position in TechnipFMC by 27.2% during the 1st quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company’s stock worth $764,000 after acquiring an additional 5,161 shares during the last quarter. Geneos Wealth Management Inc. grew its position in TechnipFMC by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock worth $35,000 after acquiring an additional 340 shares during the last quarter. Sivia Capital Partners LLC grew its position in TechnipFMC by 76.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 14,764 shares of the oil and gas company’s stock worth $508,000 after acquiring an additional 6,381 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in TechnipFMC by 132.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,449 shares of the oil and gas company’s stock worth $188,000 after acquiring an additional 3,105 shares during the last quarter. Finally, Ossiam grew its position in TechnipFMC by 52.0% during the 2nd quarter. Ossiam now owns 1,597 shares of the oil and gas company’s stock worth $55,000 after acquiring an additional 546 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. TD Cowen reiterated a “buy” rating on shares of TechnipFMC in a research report on Friday, February 20th. BMO Capital Markets upped their price target on TechnipFMC from $52.00 to $67.00 and gave the company a “market perform” rating in a research report on Monday, February 23rd. Zacks Research lowered TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Jefferies Financial Group reiterated a “buy” rating on shares of TechnipFMC in a research report on Sunday. Finally, Piper Sandler upped their price target on TechnipFMC from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

TechnipFMC Stock Up 1.4%

Shares of TechnipFMC stock opened at $69.42 on Wednesday. The stock’s 50-day moving average is $71.68 and its 200 day moving average is $59.65. TechnipFMC plc has a one year low of $30.86 and a one year high of $77.78. The firm has a market cap of $27.68 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.47 and a beta of 0.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.13 and a quick ratio of 0.88.

TechnipFMC (NYSE:FTI) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the firm earned $0.33 earnings per share. The company’s revenue was up 11.6% compared to the same quarter last year. Equities research analysts anticipate that TechnipFMC plc will post 2.98 EPS for the current year.

TechnipFMC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $0.20 annualized dividend and a yield of 0.3%. TechnipFMC’s payout ratio is 7.63%.

Insider Transactions at TechnipFMC

In other TechnipFMC news, CEO Douglas J. Pferdehirt sold 733,424 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $62.24, for a total value of $45,648,309.76. Following the transaction, the chief executive officer directly owned 2,411,852 shares of the company’s stock, valued at approximately $150,113,668.48. The trade was a 23.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Luana Duffe sold 47,951 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $62.43, for a total value of $2,993,580.93. Following the completion of the transaction, the executive vice president directly owned 78,871 shares in the company, valued at approximately $4,923,916.53. This trade represents a 37.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,210,092 shares of company stock valued at $75,347,124. 1.40% of the stock is owned by insiders.

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.