Chescapmanager LLC Has $15.72 Million Stock Position in TechnipFMC plc (NYSE:FTI)

Chescapmanager LLC cut its holdings in TechnipFMC plc (NYSE:FTI) by 4.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 599,458 shares of the oil and gas company’s stock after selling 25,000 shares during the period. TechnipFMC comprises approximately 1.7% of Chescapmanager LLC’s investment portfolio, making the stock its 18th biggest holding. Chescapmanager LLC’s holdings in TechnipFMC were worth $15,724,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Blue Trust Inc. grew its stake in TechnipFMC by 203.6% in 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 bought a new position in shares of TechnipFMC in the third quarter valued at $30,000. GAMMA Investing LLC increased its holdings in TechnipFMC by 73.1% during the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock worth $30,000 after buying an additional 492 shares during the last quarter. ORG Partners LLC acquired a new position in TechnipFMC during the second quarter worth $33,000. Finally, Crewe Advisors LLC bought a new stake in TechnipFMC during the second quarter worth $51,000. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Performance

FTI opened at $31.37 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89. The business has a fifty day simple moving average of $27.61 and a 200 day simple moving average of $26.63. TechnipFMC plc has a 1 year low of $18.33 and a 1 year high of $31.53. The company has a market capitalization of $13.35 billion, a PE ratio of 20.64 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 net margin of 7.63% and a return on equity of 20.11%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the business posted $0.21 earnings per share. TechnipFMC’s quarterly revenue was up 14.2% on a year-over-year basis. Research analysts expect that TechnipFMC plc will post 1.58 EPS for the current year.

TechnipFMC announced that its board has authorized a share repurchase plan on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the oil and gas company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

TechnipFMC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.64%. TechnipFMC’s payout ratio is presently 13.16%.

Analyst Upgrades and Downgrades

FTI has been the topic of several recent analyst reports. Susquehanna boosted their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research note on Friday, October 25th. Citigroup boosted their price target on TechnipFMC from $34.00 to $35.00 and gave the stock 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 note on Friday, November 1st. TD Cowen reiterated a “buy” rating and set a $37.00 target price on shares of TechnipFMC in a research note on Wednesday, November 27th. Finally, Royal Bank of Canada started coverage on TechnipFMC in a research note on Monday, November 18th. They issued an “outperform” rating and a $37.00 price target on the stock. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $33.91.

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.