Todd Asset Management LLC Makes New Investment in TechnipFMC plc $FTI

Todd Asset Management LLC bought a new stake in TechnipFMC plc (NYSE:FTI) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 542,706 shares of the oil and gas company’s stock, valued at approximately $21,410,000. Todd Asset Management LLC owned approximately 0.13% of TechnipFMC as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FTI. PNC Financial Services Group Inc. grew its stake in TechnipFMC by 8.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 25,597 shares of the oil and gas company’s stock valued at $1,010,000 after purchasing an additional 2,007 shares during the period. GenTrust LLC purchased a new position in shares of TechnipFMC in the 3rd quarter worth about $277,000. Cookson Peirce & Co. Inc. purchased a new stake in TechnipFMC during the third quarter worth about $26,567,000. Abich Financial Wealth Management LLC purchased a new stake in TechnipFMC during the third quarter worth about $67,000. Finally, Assetmark Inc. raised its position in TechnipFMC by 8.2% in the third quarter. Assetmark Inc. now owns 14,703 shares of the oil and gas company’s stock worth $580,000 after acquiring an additional 1,119 shares during the period. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Stock Performance

Shares of FTI opened at $61.35 on Tuesday. TechnipFMC plc has a 12-month low of $22.11 and a 12-month high of $62.67. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The company has a market cap of $24.82 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 1.19 and a beta of 0.69. The stock has a 50-day moving average price of $51.10 and a 200-day moving average price of $43.62.

TechnipFMC declared that its board has approved a share buyback plan 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 reacquire up to 13.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. Piper Sandler raised their target price on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Citigroup increased their target price on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Royal Bank Of Canada boosted their price target on shares of TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.