Massachusetts Financial Services Co. MA Trims Position in TechnipFMC plc (NYSE:FTI)

Massachusetts Financial Services Co. MA lowered its holdings in TechnipFMC plc (NYSE:FTI) by 3.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,430,450 shares of the oil and gas company’s stock after selling 303,171 shares during the period. Massachusetts Financial Services Co. MA owned 1.98% of TechnipFMC worth $221,131,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in FTI. Janney Montgomery Scott LLC purchased a new stake in TechnipFMC in the 1st quarter valued at about $205,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in TechnipFMC in the first quarter valued at approximately $442,000. Pitcairn Co. acquired a new position in TechnipFMC during the first quarter worth approximately $232,000. Quadrature Capital Ltd purchased a new position in TechnipFMC during the first quarter worth approximately $719,000. Finally, 1832 Asset Management L.P. boosted its holdings in shares of TechnipFMC by 70.6% in the 1st quarter. 1832 Asset Management L.P. now owns 54,735 shares of the oil and gas company’s stock valued at $1,374,000 after purchasing an additional 22,645 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Royal Bank of Canada initiated coverage on TechnipFMC in a research report on Monday, November 18th. They issued an “outperform” rating and a $37.00 target price on the stock. Hsbc Global Res raised TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. HSBC raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Tuesday, October 29th. Barclays lifted their price target on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Citigroup increased their price objective on shares of TechnipFMC from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, TechnipFMC currently has a consensus rating of “Buy” and an average price target of $33.91.

TechnipFMC Stock Up 2.7 %

Shares of NYSE FTI opened at $30.83 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14. TechnipFMC plc has a 1 year low of $18.33 and a 1 year high of $30.91. The stock’s 50-day simple moving average is $27.10 and its 200-day simple moving average is $26.48. The firm has a market cap of $13.12 billion, a price-to-earnings ratio of 20.28 and a beta of 1.51.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the company posted $0.21 EPS. TechnipFMC’s quarterly revenue was up 14.2% on a year-over-year basis. As a group, equities analysts anticipate that TechnipFMC plc will post 1.55 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Tuesday, November 19th. TechnipFMC’s payout ratio is currently 13.16%.

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

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.