JPMorgan Chase & Co. Cuts Stock Holdings in TechnipFMC plc $FTI

JPMorgan Chase & Co. decreased its stake in shares of TechnipFMC plc (NYSE:FTI) by 9.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,983,029 shares of the oil and gas company’s stock after selling 921,575 shares during the period. JPMorgan Chase & Co. owned about 2.22% of TechnipFMC worth $400,284,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of TechnipFMC by 34.0% during the third quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company’s stock valued at $525,339,000 after buying an additional 3,378,159 shares during the last quarter. State Street Corp boosted its position in shares of TechnipFMC by 62.2% during the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after buying an additional 4,938,498 shares during the last quarter. Boston Partners boosted its position in shares of TechnipFMC by 2.0% during the third quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company’s stock valued at $389,018,000 after buying an additional 192,549 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of TechnipFMC by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,577,261 shares of the oil and gas company’s stock valued at $337,714,000 after buying an additional 193,244 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of TechnipFMC by 184.0% during the third quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company’s stock valued at $189,460,000 after buying an additional 3,111,399 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FTI shares. The Goldman Sachs Group reaffirmed a “buy” rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. Piper Sandler lifted their price target on TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. TD Cowen reiterated a “buy” rating on shares of TechnipFMC in a report on Friday, February 20th. Barclays lifted their price target on TechnipFMC from $70.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, Evercore reiterated an “outperform” rating and set a $83.00 price target on shares of TechnipFMC in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $69.71.

TechnipFMC Stock Up 2.5%

FTI opened at $70.13 on Thursday. The company has a quick ratio of 0.88, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The stock has a market cap of $27.96 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 1.47 and a beta of 0.69. TechnipFMC plc has a twelve month low of $31.88 and a twelve month high of $77.78. The company’s 50-day moving average price is $71.62 and its two-hundred day moving average price is $60.89.

TechnipFMC (NYSE:FTI) last issued its 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. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The business’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. As a group, equities analysts expect that TechnipFMC plc will post 2.98 earnings per share for the current year.

TechnipFMC Announces Dividend

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

Insider Activity

In other TechnipFMC news, Director Rousset Sophie Zurquiyah sold 6,350 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $69.32, for a total value of $440,182.00. Following the sale, the director directly owned 59,887 shares in the company, valued at $4,151,366.84. The trade was a 9.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is currently 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.