TechnipFMC plc $FTI Position Reduced by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lowered its stake in TechnipFMC plc (NYSE:FTI) by 62.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 11,649 shares of the oil and gas company’s stock after selling 19,686 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in TechnipFMC were worth $460,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FTI. AQR Capital Management LLC lifted its holdings in shares of TechnipFMC by 13.8% in the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after purchasing an additional 1,202,713 shares during the last quarter. Abacus FCF Advisors LLC bought a new position in TechnipFMC during the 3rd quarter worth $6,182,000. Yousif Capital Management LLC increased its position in TechnipFMC by 1,563.0% in the third quarter. Yousif Capital Management LLC now owns 132,861 shares of the oil and gas company’s stock worth $5,241,000 after buying an additional 124,872 shares during the period. Ellsworth Advisors LLC bought a new stake in TechnipFMC in the third quarter valued at $4,444,000. Finally, Amalgamated Bank lifted its stake in TechnipFMC by 715.1% in the third quarter. Amalgamated Bank now owns 189,227 shares of the oil and gas company’s stock valued at $7,465,000 after buying an additional 166,013 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Trading Down 0.4%

Shares of FTI stock opened at $55.70 on Friday. The stock has a 50-day simple moving average of $48.09 and a 200 day simple moving average of $41.68. The stock has a market capitalization of $22.53 billion, a P/E ratio of 24.87, a P/E/G ratio of 1.09 and a beta of 0.66. TechnipFMC plc has a fifty-two week low of $22.11 and a fifty-two week high of $56.93. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14.

TechnipFMC announced that its Board of Directors has authorized a share buyback program 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 purchase up to 13.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FTI shares. Jefferies Financial Group upped their price target on shares of TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Barclays boosted their target price on shares of TechnipFMC from $51.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Wall Street Zen upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. UBS Group reiterated an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Finally, BNP Paribas Exane set a $47.00 price objective on TechnipFMC and gave the stock an “outperform” rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

TechnipFMC Company Profile

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.