Wellington Management Group LLP Lowers Position in TechnipFMC plc (NYSE:FTI)

Wellington Management Group LLP decreased its holdings in shares of TechnipFMC plc (NYSE:FTI) by 21.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,390,088 shares of the oil and gas company’s stock after selling 664,766 shares during the quarter. Wellington Management Group LLP’s holdings in TechnipFMC were worth $32,625,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC raised its stake in TechnipFMC by 143.7% during the first quarter. SG Americas Securities LLC now owns 29,033 shares of the oil and gas company’s stock valued at $396,000 after purchasing an additional 17,119 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in TechnipFMC during the first quarter valued at $431,000. Counterpoint Mutual Funds LLC purchased a new stake in TechnipFMC during the first quarter valued at $113,000. Fisher Asset Management LLC raised its stake in TechnipFMC by 9.0% during the first quarter. Fisher Asset Management LLC now owns 2,409,532 shares of the oil and gas company’s stock valued at $32,890,000 after purchasing an additional 198,315 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in shares of TechnipFMC by 263.6% in the fourth quarter. Lord Abbett & CO. LLC now owns 3,515,125 shares of the oil and gas company’s stock valued at $42,849,000 after acquiring an additional 2,548,386 shares during the period. Hedge funds and other institutional investors own 98.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Capital One Financial reissued an “overweight” rating and issued a $22.00 target price on shares of TechnipFMC in a research note on Friday, July 14th. Barclays increased their target price on shares of TechnipFMC from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Monday, July 31st. Citigroup increased their target price on shares of TechnipFMC from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, August 15th. BTIG Research increased their target price on shares of TechnipFMC from $18.00 to $23.00 in a research note on Monday, June 26th. Finally, HSBC increased their target price on shares of TechnipFMC from $13.80 to $23.20 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.56.

TechnipFMC Trading Down 0.4 %

NYSE FTI opened at $20.57 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.92 and a debt-to-equity ratio of 0.34. TechnipFMC plc has a 12 month low of $8.02 and a 12 month high of $20.77. The company’s 50-day moving average price is $18.17 and its 200-day moving average price is $15.46. The stock has a market cap of $9.01 billion, a PE ratio of -68.56 and a beta of 1.82.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, July 27th. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). TechnipFMC had a positive return on equity of 1.15% and a negative net margin of 1.89%. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter in the previous year, the company earned $0.02 earnings per share. The firm’s revenue was up 12.2% on a year-over-year basis. Equities research analysts forecast that TechnipFMC plc will post 0.47 earnings per share for the current year.

TechnipFMC announced that its board has authorized a share repurchase plan on Wednesday, July 26th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

TechnipFMC Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 6th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.97%. The ex-dividend date was Monday, August 21st. TechnipFMC’s payout ratio is -66.66%.

TechnipFMC Profile

TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. 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.