Envestnet Asset Management Inc. Sells 36,508 Shares of TechnipFMC plc $FTI

Envestnet Asset Management Inc. reduced its stake in TechnipFMC plc (NYSE:FTI) by 5.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 592,340 shares of the oil and gas company’s stock after selling 36,508 shares during the quarter. Envestnet Asset Management Inc. owned 0.15% of TechnipFMC worth $23,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of TechnipFMC by 2.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,374,192 shares of the oil and gas company’s stock valued at $409,262,000 after purchasing an additional 232,491 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of TechnipFMC by 13.8% during the second quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after buying an additional 1,202,713 shares in the last quarter. Boston Partners raised its position in TechnipFMC by 267.5% in the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock valued at $333,041,000 after buying an additional 7,038,640 shares during the last quarter. Norges Bank bought a new stake in TechnipFMC in the 2nd quarter valued at approximately $151,413,000. Finally, Pacer Advisors Inc. lifted its stake in TechnipFMC by 91.5% in the 3rd quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock valued at $151,382,000 after acquiring an additional 1,833,601 shares in the last quarter. 96.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTI. TD Cowen reaffirmed a “buy” rating on shares of TechnipFMC in a research note on Wednesday, January 7th. Zacks Research upgraded shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. Barclays lifted their price target 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. Susquehanna boosted their price target on shares of TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a research report on Wednesday, January 7th. Finally, Royal Bank Of Canada raised their price objective on TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

TechnipFMC Stock Performance

NYSE FTI opened at $61.35 on Friday. The stock has a market cap of $24.82 billion, a PE ratio of 27.39, a P/E/G ratio of 1.18 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. The firm has a 50-day moving average of $50.78 and a 200-day moving average of $43.35. TechnipFMC plc has a 52-week low of $22.11 and a 52-week high of $62.67.

TechnipFMC declared that its Board of Directors has authorized a share buyback program on Wednesday, October 22nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 13.3% of its stock through open market purchases. Stock buyback programs are typically 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.