TechnipFMC plc $FTI Stock Position Lifted by New York State Common Retirement Fund

New York State Common Retirement Fund grew its holdings in shares of TechnipFMC plc (NYSE:FTI) by 8.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 305,535 shares of the oil and gas company’s stock after purchasing an additional 23,600 shares during the period. New York State Common Retirement Fund owned approximately 0.08% of TechnipFMC worth $12,053,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of FTI. Blue Trust Inc. raised its position in shares of TechnipFMC by 5,475.0% during the 3rd quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after buying an additional 657 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of TechnipFMC by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 340 shares during the period. McIlrath & Eck LLC increased its stake in shares of TechnipFMC by 476.3% during the third quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 1,024 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in TechnipFMC during the second quarter worth approximately $44,000. Finally, Root Financial Partners LLC acquired a new stake in TechnipFMC in the third quarter worth approximately $51,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Trading Up 1.2%

NYSE FTI opened at $56.40 on Tuesday. The firm’s 50 day moving average price is $48.33 and its two-hundred day moving average price is $41.91. 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 twelve month low of $22.11 and a twelve month high of $56.93. The stock has a market cap of $22.82 billion, a price-to-earnings ratio of 25.18, a PEG ratio of 1.08 and a beta of 0.66.

TechnipFMC announced that its board has initiated a share repurchase program on Wednesday, October 22nd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTI. Barclays boosted their price objective on TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Royal Bank Of Canada boosted their price target on shares of TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings restated a “buy (b)” rating on shares of TechnipFMC in a research report on Thursday, January 22nd. Susquehanna lifted their price objective on shares of TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research note on Wednesday, January 7th. Finally, Citigroup increased their target price on shares of TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.