OppenheimerFunds Inc. cut its stake in TechnipFMC PLC (NYSE:FTI) by 13.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,916 shares of the oil and gas company’s stock after selling 6,035 shares during the period. OppenheimerFunds Inc.’s holdings in TechnipFMC were worth $1,267,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of FTI. Pinebridge Investments L.P. increased its holdings in TechnipFMC by 270.1% in the second quarter. Pinebridge Investments L.P. now owns 3,775 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 2,755 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its holdings in TechnipFMC by 315.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 5,298 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 4,022 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in TechnipFMC in the first quarter valued at about $206,000. Dai Ichi Life Insurance Company Ltd purchased a new position in TechnipFMC in the second quarter valued at about $210,000. Finally, Suntrust Banks Inc. purchased a new position in TechnipFMC in the first quarter valued at about $213,000. 64.61% of the stock is owned by institutional investors.
A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of TechnipFMC from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Monday, September 17th. Jefferies Financial Group raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Thursday, August 16th. Barclays increased their target price on shares of TechnipFMC from $32.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, August 2nd. BMO Capital Markets increased their target price on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 30th. Finally, Credit Suisse Group began coverage on shares of TechnipFMC in a research report on Tuesday, July 17th. They issued an “outperform” rating and a $38.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have assigned a buy rating to the stock. TechnipFMC has an average rating of “Buy” and a consensus target price of $36.40.
TechnipFMC (NYSE:FTI) last released its quarterly earnings results on Wednesday, July 25th. The oil and gas company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.11). TechnipFMC had a net margin of 1.21% and a return on equity of 4.02%. The business had revenue of $2.96 billion during the quarter, compared to analyst estimates of $3.20 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The firm’s revenue for the quarter was down 23.0% compared to the same quarter last year. equities analysts anticipate that TechnipFMC PLC will post 1.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 5th. Investors of record on Tuesday, August 21st were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, August 20th. This represents a $0.52 dividend on an annualized basis and a yield of 1.61%. TechnipFMC’s dividend payout ratio (DPR) is currently 20.16%.
TechnipFMC Company Profile
TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses. It operates through three segments: Subsea, Onshore/Offshore, and Surface Technologies. The Subsea segment manufactures and designs products and systems; performs engineering, procurement, and project management; and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas.
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