Flagship Harbor Advisors LLC bought a new position in TechnipFMC plc (NYSE:FTI – Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 8,626 shares of the oil and gas company’s stock, valued at approximately $250,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. bought a new position in TechnipFMC in the third quarter worth about $185,643,000. Westfield Capital Management Co. LP bought a new stake in shares of TechnipFMC in the 3rd quarter worth approximately $49,273,000. Jennison Associates LLC boosted its position in TechnipFMC by 95.0% during the 3rd quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock valued at $61,918,000 after purchasing an additional 1,150,049 shares during the period. Hardman Johnston Global Advisors LLC boosted 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 valued at $236,482,000 after purchasing an additional 1,071,103 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in TechnipFMC by 68.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,694,759 shares of the oil and gas company’s stock worth $44,454,000 after buying an additional 688,622 shares during the last quarter. 96.58% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several brokerages have recently issued reports on FTI. Citigroup boosted their price target on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. TD Cowen reaffirmed a “buy” rating and set a $37.00 price target on shares of TechnipFMC in a report on Wednesday, November 27th. Piper Sandler started coverage on TechnipFMC in a report on Thursday, December 19th. They issued an “overweight” rating and a $39.00 price objective for the company. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, Barclays raised their price target on TechnipFMC from $37.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $36.15.
TechnipFMC Stock Performance
NYSE:FTI opened at $30.07 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average of $30.81 and a 200-day moving average of $28.19. TechnipFMC plc has a twelve month low of $18.53 and a twelve month high of $33.45. The firm has a market cap of $12.79 billion, a price-to-earnings ratio of 19.78 and a beta of 1.54.
TechnipFMC declared that its board has initiated a stock buyback program on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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.
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