Teacher Retirement System of Texas Sells 15,938 Shares of TechnipFMC plc $FTI

Teacher Retirement System of Texas cut its position in shares of TechnipFMC plc (NYSE:FTI) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 162,370 shares of the oil and gas company’s stock after selling 15,938 shares during the quarter. Teacher Retirement System of Texas’ holdings in TechnipFMC were worth $6,405,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTI. AQR Capital Management LLC boosted its stake in shares of TechnipFMC by 13.8% in the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock valued at $342,279,000 after purchasing an additional 1,202,713 shares in the last quarter. Abacus FCF Advisors LLC bought a new position in shares of TechnipFMC during the 3rd quarter valued at $6,182,000. Yousif Capital Management LLC raised its position in TechnipFMC by 1,563.0% in the 3rd quarter. Yousif Capital Management LLC now owns 132,861 shares of the oil and gas company’s stock worth $5,241,000 after purchasing an additional 124,872 shares during the period. Ellsworth Advisors LLC bought a new stake in TechnipFMC in the third quarter worth $4,444,000. Finally, Amalgamated Bank boosted its position in TechnipFMC by 715.1% during the third quarter. Amalgamated Bank now owns 189,227 shares of the oil and gas company’s stock valued at $7,465,000 after buying an additional 166,013 shares during the period. Institutional investors own 96.58% of the company’s stock.

Analyst Upgrades and Downgrades

FTI has been the topic of several analyst reports. Wall Street Zen upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. Susquehanna raised their price target on TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research report on Wednesday, January 7th. JPMorgan Chase & Co. boosted their price objective on shares of TechnipFMC from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 2nd. Piper Sandler upped their target price on TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Finally, Citigroup raised their price objective on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, TechnipFMC presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

TechnipFMC Price Performance

Shares of FTI opened at $54.58 on Tuesday. TechnipFMC plc has a fifty-two week low of $22.11 and a fifty-two week high of $55.24. The firm’s 50-day simple moving average is $47.15 and its two-hundred day simple moving average is $41.14. The stock has a market cap of $22.08 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 1.06 and a beta of 0.66. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13.

TechnipFMC declared that its Board of Directors has initiated a share buyback program on Wednesday, October 22nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 13.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

TechnipFMC 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.