TechnipFMC PLC (NYSE:FTI) Sees Significant Decrease in Short Interest

TechnipFMC PLC (NYSE:FTI) was the recipient of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 12,566,100 shares, a drop of 9.2% from the June 30th total of 13,840,000 shares. Based on an average daily trading volume, of 3,470,000 shares, the days-to-cover ratio is presently 3.6 days. Currently, 3.0% of the shares of the stock are short sold.

Shares of TechnipFMC stock traded down $0.25 during midday trading on Thursday, hitting $23.02. 4,859,496 shares of the company traded hands, compared to its average volume of 3,828,761. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 3.11 and a beta of 1.47. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.18. The firm’s fifty day moving average price is $25.56 and its 200-day moving average price is $23.80. TechnipFMC has a 12 month low of $18.20 and a 12 month high of $32.91.

TechnipFMC (NYSE:FTI) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. TechnipFMC had a negative net margin of 15.64% and a positive return on equity of 2.76%. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the company earned $0.28 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts forecast that TechnipFMC will post 1.29 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Tuesday, August 20th will be given a dividend of $0.13 per share. The ex-dividend date is Monday, August 19th. This represents a $0.52 annualized dividend and a yield of 2.26%.

Several research firms have commented on FTI. BMO Capital Markets set a $32.00 target price on shares of TechnipFMC and gave the company a “buy” rating in a report on Friday, July 26th. TheStreet raised shares of TechnipFMC from a “c+” rating to a “b-” rating in a report on Wednesday, July 10th. AltaCorp Capital reaffirmed an “outperform” rating on shares of TechnipFMC in a report on Thursday, June 20th. Citigroup lifted their price target on shares of TechnipFMC from $27.40 to $29.50 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Cowen reaffirmed a “buy” rating and set a $28.00 price target on shares of TechnipFMC in a report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $31.28.

Large investors have recently bought and sold shares of the stock. Icon Wealth Partners LLC acquired a new stake in TechnipFMC during the 1st quarter worth approximately $28,000. Meeder Asset Management Inc. boosted its position in TechnipFMC by 217.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,344 shares of the oil and gas company’s stock worth $35,000 after buying an additional 921 shares during the period. Royal London Asset Management Ltd. acquired a new stake in TechnipFMC during the 1st quarter worth approximately $37,000. Mizuho Securities Co. Ltd. acquired a new stake in TechnipFMC during the 2nd quarter worth approximately $39,000. Finally, Rockefeller Capital Management L.P. boosted its position in TechnipFMC by 116.3% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,728 shares of the oil and gas company’s stock worth $45,000 after buying an additional 929 shares during the period. Institutional investors and hedge funds own 72.65% of the company’s stock.

About TechnipFMC

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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