Profund Advisors LLC Has $748,000 Stock Holdings in TechnipFMC plc $FTI

Profund Advisors LLC boosted its position in TechnipFMC plc (NYSE:FTI) by 75.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,949 shares of the oil and gas company’s stock after acquiring an additional 8,179 shares during the quarter. Profund Advisors LLC’s holdings in TechnipFMC were worth $748,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Boston Partners increased its stake in shares of TechnipFMC by 267.5% in the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock valued at $333,041,000 after purchasing an additional 7,038,640 shares during the last quarter. Norges Bank acquired a new stake in TechnipFMC in the second quarter valued at about $151,413,000. Pacer Advisors Inc. grew its position in TechnipFMC by 91.5% in the third quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock valued at $151,382,000 after acquiring an additional 1,833,601 shares during the last quarter. Bank of New York Mellon Corp raised its stake in TechnipFMC by 80.6% during the third quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock worth $125,144,000 after acquiring an additional 1,415,621 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of TechnipFMC by 61.6% in the second quarter. Qube Research & Technologies Ltd now owns 3,399,955 shares of the oil and gas company’s stock worth $117,094,000 after acquiring an additional 1,296,358 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $61.93 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $61.97. The firm has a market cap of $25.05 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 1.17 and a beta of 0.69. The firm’s fifty day moving average is $50.19 and its 200-day moving average is $43.06.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FTI shares. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a report on Tuesday, October 28th. Piper Sandler raised their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Citigroup upped their price target on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Zacks Research upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 23rd. Finally, Barclays upped their target price on TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.