Westpac Banking Corp Boosts Stock Holdings in TechnipFMC plc $FTI

Westpac Banking Corp grew its holdings in TechnipFMC plc (NYSE:FTI) by 599.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,077 shares of the oil and gas company’s stock after purchasing an additional 7,779 shares during the quarter. Westpac Banking Corp’s holdings in TechnipFMC were worth $627,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new position in TechnipFMC in the first quarter worth approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in TechnipFMC during the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. increased its holdings in shares of TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 340 shares during the period. Ascentis Independent Advisors bought a new position in shares of TechnipFMC in the 1st quarter worth $37,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of TechnipFMC in the 4th quarter worth $41,000. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FTI shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of TechnipFMC in a research report on Sunday, May 31st. Wall Street Zen upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Zacks Research lowered shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Evercore restated an “outperform” rating and issued a $83.00 price target on shares of TechnipFMC in a report on Friday, May 1st. Finally, Citigroup lifted their price objective on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, TechnipFMC has an average rating of “Moderate Buy” and an average target price of $69.64.

TechnipFMC Stock Performance

FTI opened at $75.94 on Friday. TechnipFMC plc has a 52-week low of $34.27 and a 52-week high of $77.78. 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 company has a market cap of $30.28 billion, a P/E ratio of 28.99, a price-to-earnings-growth ratio of 1.58 and a beta of 0.70. The firm’s 50-day moving average price is $69.42 and its 200-day moving average price is $66.11.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 10.62% and a return on equity of 34.06%. TechnipFMC’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the business earned $0.33 EPS. As a group, equities analysts anticipate that TechnipFMC plc will post 3.01 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. TechnipFMC’s dividend payout ratio (DPR) is currently 7.63%.

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.