Edgestream Partners L.P. Cuts Holdings in TechnipFMC plc $FTI

Edgestream Partners L.P. trimmed its position in TechnipFMC plc (NYSE:FTI) by 55.5% in the first quarter, HoldingsChannel reports. The firm owned 113,345 shares of the oil and gas company’s stock after selling 141,480 shares during the quarter. Edgestream Partners L.P.’s holdings in TechnipFMC were worth $7,836,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its stake in shares of TechnipFMC by 62.2% in 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 buying an additional 4,938,498 shares during the last quarter. Norges Bank purchased a new stake in shares of TechnipFMC during the fourth quarter valued at approximately $205,468,000. Invesco Ltd. increased its position in shares of TechnipFMC by 64.9% during the fourth quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock valued at $502,284,000 after acquiring an additional 4,437,960 shares during the last quarter. AQR Capital Management LLC lifted its holdings in TechnipFMC by 26.7% during the fourth 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 period. Finally, Northern Trust Corp lifted its holdings in TechnipFMC by 46.2% during the third quarter. Northern Trust Corp now owns 3,581,329 shares of the oil and gas company’s stock worth $141,283,000 after acquiring an additional 1,132,216 shares during the period. Institutional investors own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

FTI has been the subject of a number of recent analyst reports. UBS Group set a $80.00 price objective on TechnipFMC in a research note on Wednesday, June 3rd. Susquehanna reduced their price objective on TechnipFMC from $90.00 to $85.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Weiss Ratings raised TechnipFMC from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada boosted their target price on TechnipFMC from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.64.

TechnipFMC Stock Down 0.9%

TechnipFMC stock opened at $71.77 on Thursday. The firm has a 50 day simple moving average of $69.52 and a 200 day simple moving average of $66.82. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. TechnipFMC plc has a 1-year low of $34.27 and a 1-year high of $77.92. The firm has a market capitalization of $28.61 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 1.52 and a beta of 0.70.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.52 billion. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. On average, analysts predict that TechnipFMC plc will post 3.01 earnings per share for the current year.

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 18th. TechnipFMC’s payout ratio is presently 7.63%.

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.