TechnipFMC plc $FTI Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in shares of TechnipFMC plc (NYSE:FTI) by 80.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,172,213 shares of the oil and gas company’s stock after buying an additional 1,415,621 shares during the period. Bank of New York Mellon Corp owned 0.78% of TechnipFMC worth $125,144,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC raised its stake in TechnipFMC by 13.8% during the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock valued at $342,279,000 after acquiring an additional 1,202,713 shares during the last quarter. Abacus FCF Advisors LLC purchased a new stake in shares of TechnipFMC during the third quarter worth approximately $6,182,000. Yousif Capital Management LLC raised its stake in shares of TechnipFMC by 1,563.0% during 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 purchasing an additional 124,872 shares during the last quarter. Ellsworth Advisors LLC purchased a new position in TechnipFMC in the 3rd quarter valued at $4,444,000. Finally, Amalgamated Bank increased its stake in TechnipFMC by 715.1% in the 3rd 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 period. 96.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTI has been the subject of several recent analyst reports. TD Cowen restated a “buy” rating on shares of TechnipFMC in a research note on Wednesday, January 7th. Jefferies Financial Group lifted their price objective on TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Citigroup increased their target price on TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. Finally, Barclays increased their price objective on TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. One 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 stock. According to MarketBeat, TechnipFMC presently has an average rating of “Moderate Buy” and an average target price of $48.58.

TechnipFMC Price Performance

Shares of NYSE FTI opened at $55.70 on Friday. 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 stock has a market cap of $22.53 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 1.09 and a beta of 0.66. The company’s 50-day moving average price is $48.09 and its 200 day moving average price is $41.68. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $56.93.

TechnipFMC declared that its board has initiated 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 purchase up to 13.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are 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.