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

JPMorgan Chase & Co. reduced its holdings in shares of TechnipFMC plc (NYSE:FTI) by 5.3% in the second quarter, Holdings Channel.com reports. The fund owned 15,417,701 shares of the oil and gas company’s stock after selling 865,242 shares during the quarter. JPMorgan Chase & Co.’s holdings in TechnipFMC were worth $530,986,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FTI. Boston Partners lifted its position in shares of TechnipFMC by 267.5% during the second quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after purchasing an additional 7,038,640 shares during the last quarter. AQR Capital Management LLC increased its stake in TechnipFMC by 111.4% in the 1st quarter. AQR Capital Management LLC now owns 8,735,697 shares of the oil and gas company’s stock worth $273,078,000 after buying an additional 4,602,939 shares during the period. Nuveen LLC bought a new stake in TechnipFMC during the 1st quarter valued at about $64,217,000. Encompass Capital Advisors LLC bought a new stake in TechnipFMC during the 1st quarter valued at about $47,535,000. Finally, Ameriprise Financial Inc. boosted its position in TechnipFMC by 9.0% in the 1st quarter. Ameriprise Financial Inc. now owns 18,030,976 shares of the oil and gas company’s stock valued at $571,583,000 after buying an additional 1,492,746 shares during the period. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Up 1.5%

Shares of NYSE FTI opened at $44.16 on Monday. TechnipFMC plc has a 12-month low of $22.11 and a 12-month high of $45.01. The stock’s fifty day simple moving average is $39.99 and its two-hundred day simple moving average is $36.40. The stock has a market capitalization of $17.86 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14.

TechnipFMC (NYSE:FTI) last issued its quarterly earnings data on Thursday, October 23rd. The oil and gas company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.10. TechnipFMC had a return on equity of 30.23% and a net margin of 9.67%.The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.60 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. TechnipFMC has set its FY 2025 guidance at EPS. As a group, analysts expect that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC declared that its Board of Directors has initiated a stock buyback plan on Wednesday, October 22nd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 13.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

TechnipFMC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Tuesday, November 18th will be given a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.5%. TechnipFMC’s payout ratio is presently 8.93%.

Insider Buying and Selling

In other TechnipFMC news, insider Thierry Conti sold 50,000 shares of TechnipFMC stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $38.64, for a total value of $1,932,000.00. Following the transaction, the insider directly owned 56,352 shares of the company’s stock, valued at approximately $2,177,441.28. The trade was a 47.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alf Melin sold 113,760 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $38.61, for a total value of $4,392,273.60. Following the sale, the chief financial officer owned 241,140 shares of the company’s stock, valued at approximately $9,310,415.40. This represents a 32.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 876,603 shares of company stock worth $33,832,588 in the last 90 days. 1.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FTI has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TechnipFMC in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on TechnipFMC from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Royal Bank Of Canada upped their target price on TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. BNP Paribas set a $47.00 price target on TechnipFMC and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, Zacks Research downgraded TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.36.

About TechnipFMC

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.