Diversify Wealth Management LLC Reduces Stock Position in TechnipFMC plc (NYSE:FTI)

Diversify Wealth Management LLC lessened its stake in shares of TechnipFMC plc (NYSE:FTI) by 4.7% in the fourth quarter, HoldingsChannel reports. The firm owned 20,258 shares of the oil and gas company’s stock after selling 996 shares during the quarter. Diversify Wealth Management LLC’s holdings in TechnipFMC were worth $642,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hardman Johnston Global Advisors LLC increased its position in TechnipFMC by 13.5% during the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after purchasing an additional 1,071,103 shares in the last quarter. State Street Corp boosted its stake in TechnipFMC by 1.7% in the 3rd quarter. State Street Corp now owns 8,200,548 shares of the oil and gas company’s stock worth $215,100,000 after buying an additional 133,775 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in TechnipFMC in the 3rd quarter worth about $185,643,000. Franklin Resources Inc. boosted its stake in TechnipFMC by 23.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock worth $98,838,000 after buying an additional 679,748 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in TechnipFMC by 6.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,399,822 shares of the oil and gas company’s stock worth $89,177,000 after buying an additional 219,081 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Performance

Shares of NYSE:FTI opened at $32.54 on Wednesday. The company has a market cap of $13.84 billion, a P/E ratio of 21.41 and a beta of 1.54. 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 one year low of $18.53 and a one year high of $33.45. The business’s 50-day simple moving average is $30.50 and its 200 day simple moving average is $28.01.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $0.21 EPS. TechnipFMC’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, sell-side analysts forecast that TechnipFMC plc will post 1.61 earnings per share for the current fiscal year.

TechnipFMC announced that its board has initiated a stock repurchase program on Wednesday, October 23rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. BMO Capital Markets raised their price target on TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research note on Thursday, October 10th. Citigroup lifted their price objective on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. HSBC raised TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday, October 29th. TD Cowen reaffirmed a “buy” rating and issued a $37.00 price objective on shares of TechnipFMC in a research note on Wednesday, November 27th. Finally, Jefferies Financial Group raised TechnipFMC from a “hold” rating to a “buy” rating and lifted their price objective for the company from $29.00 to $40.00 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, TechnipFMC has a consensus rating of “Buy” and a consensus target price of $36.15.

TechnipFMC Company Profile

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.