Van ECK Associates Corp Has $86.46 Million Position in TechnipFMC plc (NYSE:FTI)

Van ECK Associates Corp lifted its holdings in TechnipFMC plc (NYSE:FTI) by 10.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,987,606 shares of the oil and gas company’s stock after buying an additional 281,665 shares during the quarter. Van ECK Associates Corp’s holdings in TechnipFMC were worth $86,461,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. grew its position in shares of TechnipFMC by 203.6% in the 3rd 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 during the period. GAMMA Investing LLC grew its position in shares of TechnipFMC by 59.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,858 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 693 shares during the period. Toth Financial Advisory Corp grew its position in shares of TechnipFMC by 1,900.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 2,000 shares of the oil and gas company’s stock valued at $52,000 after purchasing an additional 1,900 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of TechnipFMC in the 3rd quarter valued at approximately $56,000. Finally, True Wealth Design LLC acquired a new position in shares of TechnipFMC in the 3rd quarter valued at approximately $57,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTI has been the subject of several research analyst reports. Jefferies Financial Group upgraded TechnipFMC from a “hold” rating to a “buy” rating and boosted their price objective for the company from $29.00 to $40.00 in a research report on Friday, December 6th. StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Susquehanna boosted their target price on TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday, October 25th. Piper Sandler assumed coverage on TechnipFMC in a research note on Thursday, December 19th. They issued an “overweight” rating and a $39.00 target price on the stock. Finally, The Goldman Sachs Group assumed coverage on TechnipFMC in a research note on Friday, December 13th. They issued a “buy” rating and a $38.00 target price on the stock. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $36.15.

TechnipFMC Trading Down 1.4 %

Shares of TechnipFMC stock opened at $30.25 on Friday. TechnipFMC plc has a 12-month low of $19.02 and a 12-month high of $33.45. The stock has a market cap of $12.87 billion, a P/E ratio of 19.90 and a beta of 1.52. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $30.75 and its 200-day moving average is $28.40.

TechnipFMC announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.