TechnipFMC plc (NYSE:FTI) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its holdings in TechnipFMC plc (NYSE:FTI) by 6.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,856,385 shares of the oil and gas company’s stock after selling 1,405,989 shares during the quarter. JPMorgan Chase & Co. owned about 0.05% of TechnipFMC worth $573,293,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Hardman Johnston Global Advisors LLC increased its stake in shares of TechnipFMC by 13.5% in the third quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after acquiring an additional 1,071,103 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in TechnipFMC by 2.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,733,621 shares of the oil and gas company’s stock valued at $228,384,000 after purchasing an additional 204,435 shares during the last quarter. State Street Corp grew its position in TechnipFMC by 1.7% during the 3rd quarter. State Street Corp now owns 8,200,548 shares of the oil and gas company’s stock worth $215,100,000 after purchasing an additional 133,775 shares during the period. Pacer Advisors Inc. purchased a new position in shares of TechnipFMC during the 3rd quarter valued at about $185,643,000. Finally, Franklin Resources Inc. lifted its holdings in shares of TechnipFMC by 23.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock valued at $98,838,000 after buying an additional 679,748 shares during the period. 96.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTI has been the subject of several recent research reports. Bank of America lifted their price target on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, October 14th. HSBC upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Tuesday, October 29th. Citigroup raised their price target on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Finally, The Goldman Sachs Group started coverage on TechnipFMC in a report on Friday, December 13th. They issued a “buy” rating and a $38.00 price target for the company. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, TechnipFMC presently has a consensus rating of “Buy” and an average price target of $35.92.

TechnipFMC Price Performance

Shares of NYSE FTI opened at $29.04 on Friday. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of 19.11 and a beta of 1.54. TechnipFMC plc has a 52 week low of $18.33 and a 52 week high of $32.64. The firm has a 50-day simple moving average of $28.92 and a 200-day simple moving average of $27.26. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm posted $0.21 EPS. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, equities analysts predict that TechnipFMC plc will post 1.61 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Tuesday, November 19th. TechnipFMC’s payout ratio is currently 13.16%.

TechnipFMC announced that its Board of Directors has initiated a share buyback program on Wednesday, October 23rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

TechnipFMC Profile

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.