Alliancebernstein L.P. Cuts Stake in Frank’s International N.V. (FI)
Alliancebernstein L.P. cut its position in Frank’s International N.V. (NYSE:FI) by 8.1% during the first quarter, Holdings Channel reports. The institutional investor owned 42,419 shares of the pipeline company’s stock after selling 3,722 shares during the period. Alliancebernstein L.P.’s holdings in Frank’s International N.V. were worth $448,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in Frank’s International N.V. during the fourth quarter worth approximately $5,008,000. Dimensional Fund Advisors LP increased its stake in Frank’s International N.V. by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 479,530 shares of the pipeline company’s stock worth $5,903,000 after buying an additional 14,721 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of Frank’s International N.V. during the first quarter worth about $615,000. Swiss National Bank raised its stake in shares of Frank’s International N.V. by 37.7% in the first quarter. Swiss National Bank now owns 91,600 shares of the pipeline company’s stock worth $968,000 after buying an additional 25,100 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Frank’s International N.V. during the first quarter worth about $365,000. 30.12% of the stock is currently owned by institutional investors.
Shares of Frank’s International N.V. (NYSE FI) opened at 7.01 on Thursday. Frank’s International N.V. has a 12 month low of $6.92 and a 12 month high of $14.86. The firm’s market cap is $1.56 billion. The firm has a 50 day moving average price of $8.09 and a 200-day moving average price of $9.56.
Frank’s International N.V. (NYSE:FI) last posted its quarterly earnings results on Monday, August 7th. The pipeline company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.02. Frank’s International N.V. had a negative return on equity of 8.97% and a negative net margin of 35.28%. The business had revenue of $117.70 million for the quarter, compared to the consensus estimate of $113.41 million. During the same quarter in the previous year, the business posted ($0.20) EPS. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts predict that Frank’s International N.V. will post ($0.41) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend is Tuesday, August 29th. Frank’s International N.V.’s payout ratio is currently -40.00%.
Frank’s International N.V. announced that its Board of Directors has initiated a stock buyback program on Thursday, May 25th that authorizes the company to buyback 1,000% of shares. This buyback authorization authorizes the pipeline company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have recently issued reports on the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $10.50 target price (down from $11.00) on shares of Frank’s International N.V. in a research report on Wednesday, May 3rd. BidaskClub raised Frank’s International N.V. from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Zacks Investment Research lowered Frank’s International N.V. from a “hold” rating to a “strong sell” rating in a research report on Monday, May 1st. Morgan Stanley cut their target price on Frank’s International N.V. from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday, May 8th. Finally, Barclays PLC set a $9.00 target price on Frank’s International N.V. and gave the stock a “hold” rating in a research report on Monday, May 8th. Five analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $9.77.
In related news, major shareholder Wbm Partnership, Lp sold 14,800 shares of Frank’s International N.V. stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $8.40, for a total transaction of $124,320.00. Following the completion of the transaction, the insider now owns 9,903,867 shares in the company, valued at $83,192,482.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 77.90% of the company’s stock.
Frank’s International N.V. Company Profile
Frank’s International N.V. (FINV) is a provider of engineered tubular services, tubular fabrication and specialty well construction and well intervention solutions to the oil and gas industry. The Company operates through four business segments: International Services, U. S. Services, Tubular Sales and Blackhawk.
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