Fulton Bank N.A. Cuts Stock Holdings in TechnipFMC plc (NYSE:FTI)

Fulton Bank N.A. lowered its stake in TechnipFMC plc (NYSE:FTI) by 18.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,812 shares of the oil and gas company’s stock after selling 3,784 shares during the period. Fulton Bank N.A.’s holdings in TechnipFMC were worth $487,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTI. Franklin Resources Inc. increased its stake in 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 worth $98,838,000 after purchasing an additional 679,748 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of TechnipFMC by 971.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 407,638 shares of the oil and gas company’s stock worth $10,692,000 after buying an additional 369,594 shares during the period. ING Groep NV raised its holdings in TechnipFMC by 15.3% during the 3rd quarter. ING Groep NV now owns 865,294 shares of the oil and gas company’s stock valued at $22,697,000 after buying an additional 114,600 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in TechnipFMC during the 3rd quarter valued at $49,273,000. Finally, Entropy Technologies LP bought a new stake in TechnipFMC in the 3rd quarter worth $575,000. Institutional investors own 96.58% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTI. Barclays increased their target price on shares of TechnipFMC from $37.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. TD Cowen reiterated a “buy” rating and issued a $37.00 price objective on shares of TechnipFMC in a report on Wednesday, November 27th. Citigroup boosted their target price on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. StockNews.com raised TechnipFMC from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group raised shares of TechnipFMC from a “hold” rating to a “buy” rating and boosted their price objective for the company from $29.00 to $40.00 in a research report on Friday, December 6th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $35.92.

TechnipFMC Stock Performance

Shares of FTI opened at $32.48 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The stock has a market cap of $13.82 billion, a P/E ratio of 21.37 and a beta of 1.54. The business’s 50 day moving average price is $29.78 and its 200-day moving average price is $27.63. TechnipFMC plc has a 52 week low of $18.33 and a 52 week high of $32.64.

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

TechnipFMC announced that its Board of Directors has authorized a stock buyback plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

TechnipFMC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th were issued a $0.05 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $0.20 annualized dividend and a yield of 0.62%. TechnipFMC’s dividend payout ratio (DPR) is presently 13.16%.

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.