Thrivent Financial for Lutherans Raises Position in TechnipFMC plc $FTI

Thrivent Financial for Lutherans raised its holdings in shares of TechnipFMC plc (NYSE:FTI) by 3.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,956,990 shares of the oil and gas company’s stock after buying an additional 60,059 shares during the period. Thrivent Financial for Lutherans owned about 0.48% of TechnipFMC worth $77,203,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTI. Focus Partners Wealth grew its position in TechnipFMC by 27.2% during the 1st quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company’s stock worth $764,000 after acquiring an additional 5,161 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in TechnipFMC by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after buying an additional 340 shares during the last quarter. Sivia Capital Partners LLC boosted its position in TechnipFMC by 76.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 14,764 shares of the oil and gas company’s stock valued at $508,000 after buying an additional 6,381 shares during the period. Truist Financial Corp grew its holdings in TechnipFMC by 12.1% in the 2nd quarter. Truist Financial Corp now owns 48,819 shares of the oil and gas company’s stock worth $1,681,000 after acquiring an additional 5,252 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of TechnipFMC by 4.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 126,584 shares of the oil and gas company’s stock valued at $4,360,000 after acquiring an additional 5,218 shares during the period. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Price Performance

Shares of TechnipFMC stock opened at $55.70 on Monday. The stock has a 50 day moving average price of $48.09 and a 200-day moving average price of $41.74. TechnipFMC plc has a one year low of $22.11 and a one year high of $56.93. The stock has a market cap of $22.53 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 1.08 and a beta of 0.69. 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 declared that its Board of Directors has approved a stock buyback plan on Wednesday, October 22nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 13.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FTI. UBS Group reissued an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. Piper Sandler lifted their price objective on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Zacks Research raised TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 23rd. Citigroup boosted their price objective on shares of TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, BNP Paribas Exane set a $47.00 target price on shares of TechnipFMC and gave the stock an “outperform” rating in a research 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

TechnipFMC 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.