Bank of Nova Scotia Sells 254,438 Shares of TechnipFMC plc $FTI

Bank of Nova Scotia lowered its stake in TechnipFMC plc (NYSE:FTI) by 56.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 195,594 shares of the oil and gas company’s stock after selling 254,438 shares during the quarter. Bank of Nova Scotia’s holdings in TechnipFMC were worth $13,521,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Asset Management One Co. Ltd. acquired a new stake in shares of TechnipFMC during the fourth quarter worth $833,000. Fisher Asset Management LLC increased its position in TechnipFMC by 7.1% during the 4th quarter. Fisher Asset Management LLC now owns 408,437 shares of the oil and gas company’s stock worth $18,200,000 after purchasing an additional 27,111 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of TechnipFMC in the 4th quarter valued at $641,000. Archford Capital Strategies LLC bought a new position in TechnipFMC in the fourth quarter valued at about $1,691,000. Finally, HighTower Advisors LLC boosted its position in TechnipFMC by 54.7% during the 4th quarter. HighTower Advisors LLC now owns 46,832 shares of the oil and gas company’s stock worth $2,087,000 after buying an additional 16,562 shares during the period. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Performance

Shares of FTI stock opened at $76.70 on Friday. TechnipFMC plc has a 12 month low of $34.27 and a 12 month high of $77.92. The firm’s 50 day moving average is $69.53 and its 200 day moving average is $66.19. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $30.58 billion, a P/E ratio of 29.28, a PEG ratio of 1.61 and a beta of 0.70.

TechnipFMC (NYSE:FTI) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 EPS. On average, sell-side analysts anticipate that TechnipFMC plc will post 3.01 earnings per share for the current year.

TechnipFMC Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 19th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, May 19th. TechnipFMC’s payout ratio is 7.63%.

Analyst Upgrades and Downgrades

FTI has been the subject of several recent research reports. Royal Bank Of Canada increased their price target on TechnipFMC from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Citigroup raised their target price on TechnipFMC from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Susquehanna dropped their price objective on shares of TechnipFMC from $90.00 to $85.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. The Goldman Sachs Group reissued a “buy” rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. Finally, Barclays raised their price target on shares of TechnipFMC from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $69.64.

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.