TechnipFMC (NYSE:FTI) Hits New 52-Week High After Dividend Announcement

Shares of TechnipFMC plc (NYSE:FTI) hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $62.98 and last traded at $62.6420, with a volume of 769825 shares changing hands. The stock had previously closed at $61.27.

The newly announced dividend which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s dividend payout ratio is currently 8.93%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FTI. Jefferies Financial Group raised their target price on TechnipFMC from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Piper Sandler raised 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. TD Cowen reaffirmed a “buy” rating on shares of TechnipFMC in a research report on Wednesday, January 7th. Citigroup lifted their price target 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, Barclays boosted 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. One 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

TechnipFMC Trading Up 1.8%

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. The firm has a market cap of $25.24 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 1.19 and a beta of 0.69. The company’s 50 day moving average price is $51.73 and its 200 day moving average price is $43.93.

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

Hedge Funds Weigh In On TechnipFMC

Institutional investors and hedge funds have recently made changes to their positions in the stock. AE Wealth Management LLC boosted its holdings in shares of TechnipFMC by 38.0% in the third quarter. AE Wealth Management LLC now owns 183,603 shares of the oil and gas company’s stock valued at $7,243,000 after acquiring an additional 50,593 shares in the last quarter. Lingohr Asset Management GmbH raised its holdings in TechnipFMC by 461.7% during the third quarter. Lingohr Asset Management GmbH now owns 212,295 shares of the oil and gas company’s stock worth $8,375,000 after purchasing an additional 174,500 shares in the last quarter. Bank of New York Mellon Corp lifted its position in TechnipFMC by 80.6% in the third quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock valued at $125,144,000 after purchasing an additional 1,415,621 shares during the period. Rothschild Investment LLC boosted its holdings in TechnipFMC by 25,468.9% in the 3rd quarter. Rothschild Investment LLC now owns 11,506 shares of the oil and gas company’s stock valued at $454,000 after purchasing an additional 11,461 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in TechnipFMC by 8.4% during the 3rd quarter. New York State Common Retirement Fund now owns 305,535 shares of the oil and gas company’s stock worth $12,053,000 after purchasing an additional 23,600 shares during the period. 96.58% of the stock is owned by institutional investors and hedge funds.

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.