Bright Rock Capital Management LLC boosted its position in TechnipFMC PLC (NYSE:FTI) by 50.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,000 shares of the oil and gas company’s stock after purchasing an additional 10,000 shares during the period. Bright Rock Capital Management LLC’s holdings in TechnipFMC were worth $706,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. Marshall Wace North America L.P. bought a new stake in TechnipFMC during the third quarter valued at approximately $25,005,000. Worldquant Millennium Quantitative Strategies LLC grew its holdings in TechnipFMC by 24.0% during the fourth quarter. Worldquant Millennium Quantitative Strategies LLC now owns 26,333 shares of the oil and gas company’s stock valued at $516,000 after purchasing an additional 5,105 shares during the period. LPL Financial LLC bought a new stake in TechnipFMC during the third quarter valued at about $1,162,000. Palo Capital Inc. purchased a new stake in TechnipFMC in the third quarter worth about $761,000. Finally, CSat Investment Advisory L.P. increased its position in TechnipFMC by 149.9% in the fourth quarter. CSat Investment Advisory L.P. now owns 1,447 shares of the oil and gas company’s stock worth $28,000 after buying an additional 868 shares in the last quarter. Institutional investors and hedge funds own 70.20% of the company’s stock.
Several equities research analysts recently issued reports on the stock. BMO Capital Markets raised shares of TechnipFMC from a “market perform” rating to a “buy” rating and reduced their target price for the stock from $29.00 to $28.00 in a report on Thursday, December 13th. Wells Fargo & Co set a $26.00 price objective on shares of TechnipFMC and gave the stock a “buy” rating in a research note on Friday, February 22nd. Berenberg Bank initiated coverage on TechnipFMC in a research report on Tuesday, February 26th. They set a “buy” rating on the stock. BNP Paribas raised shares of TechnipFMC from an “underperform” rating to a “neutral” rating in a research report on Tuesday, January 22nd. Finally, Sanford C. Bernstein raised TechnipFMC from an “underperform” rating to a “market perform” rating in a research note on Monday, December 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the stock. TechnipFMC presently has an average rating of “Buy” and a consensus target price of $33.32.
TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Wednesday, February 20th. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.46). The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.40 billion. TechnipFMC had a negative net margin of 15.31% and a positive return on equity of 2.94%. The company’s revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 earnings per share. On average, research analysts predict that TechnipFMC PLC will post 1.34 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Tuesday, March 19th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Monday, March 18th.
TechnipFMC declared that its board has initiated a stock repurchase plan on Wednesday, December 12th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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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