Sumitomo Mitsui Trust Group Inc. Cuts Stake in TechnipFMC plc $FTI

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of TechnipFMC plc (NYSE:FTI) by 44.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 214,738 shares of the oil and gas company’s stock after selling 170,287 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in TechnipFMC were worth $8,471,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in shares of TechnipFMC by 5,475.0% during the 3rd quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 657 shares during the period. Geneos Wealth Management Inc. lifted its stake in TechnipFMC by 45.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 340 shares during the last quarter. McIlrath & Eck LLC grew its holdings in TechnipFMC by 476.3% during the third quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 1,024 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in TechnipFMC in the second quarter worth $44,000. Finally, Ossiam raised its stake in shares of TechnipFMC by 52.0% in the second quarter. Ossiam now owns 1,597 shares of the oil and gas company’s stock valued at $55,000 after buying an additional 546 shares during the period. Institutional investors own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTI. Royal Bank Of Canada increased their price target on TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Wall Street Zen upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Zacks Research lowered shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Susquehanna raised their price objective on shares of TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a report on Wednesday, January 7th. Finally, Citigroup boosted their target price on shares of TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.46.

TechnipFMC Stock Down 0.3%

FTI opened at $52.17 on Friday. TechnipFMC plc has a 12 month low of $22.11 and a 12 month high of $52.76. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $45.92 and its 200-day moving average price is $40.32. The company has a market cap of $21.10 billion, a P/E ratio of 23.29, a P/E/G ratio of 1.01 and a beta of 0.66.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.10. The business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.60 billion. TechnipFMC had a return on equity of 30.23% and a net margin of 9.67%.The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. On average, equities analysts expect that TechnipFMC plc will post 1.63 EPS for the current year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Shareholders of record on Tuesday, November 18th were given a $0.05 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.4%. TechnipFMC’s payout ratio is presently 8.93%.

TechnipFMC declared that its board has approved a share repurchase plan on Wednesday, October 22nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 13.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

About TechnipFMC

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.