Exchange Traded Concepts LLC Lowers Stock Position in TechnipFMC plc (NYSE:FTI)

Exchange Traded Concepts LLC decreased its position in TechnipFMC plc (NYSE:FTI) by 17.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 59,115 shares of the oil and gas company’s stock after selling 12,321 shares during the period. Exchange Traded Concepts LLC’s holdings in TechnipFMC were worth $1,711,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its holdings in TechnipFMC by 203.6% during the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 735 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of TechnipFMC during the 3rd quarter worth about $30,000. GAMMA Investing LLC lifted its stake in TechnipFMC by 59.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,858 shares of the oil and gas company’s stock valued at $49,000 after buying an additional 693 shares in the last quarter. Toth Financial Advisory Corp boosted its holdings in TechnipFMC by 1,900.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 2,000 shares of the oil and gas company’s stock worth $52,000 after buying an additional 1,900 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of TechnipFMC during the third quarter valued at approximately $56,000. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Stock Down 3.0 %

Shares of FTI opened at $30.46 on Tuesday. The company’s 50-day moving average price is $30.75 and its 200 day moving average price is $28.15. TechnipFMC plc has a 12-month low of $18.53 and a 12-month high of $33.45. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. The firm has a market cap of $12.96 billion, a P/E ratio of 20.04 and a beta of 1.54.

TechnipFMC declared that its Board of Directors has approved a stock repurchase program on Wednesday, October 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on FTI. Piper Sandler started coverage on TechnipFMC in a research note on Thursday, December 19th. They issued an “overweight” rating and a $39.00 price objective for the company. Hsbc Global Res raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Bank of America upped their price objective on shares of TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Royal Bank of Canada initiated coverage on TechnipFMC in a report on Monday, November 18th. They set an “outperform” rating and a $37.00 target price on the stock. Finally, Evercore ISI increased their price target on TechnipFMC from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, TechnipFMC has a consensus rating of “Buy” and a consensus price target of $36.15.

About TechnipFMC

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.