TechnipFMC plc (NYSE:FTI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of TechnipFMC plc (NYSE:FTI) by 10.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 138,951 shares of the oil and gas company’s stock after selling 16,159 shares during the quarter. Principal Financial Group Inc.’s holdings in TechnipFMC were worth $3,645,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FTI. Janney Montgomery Scott LLC acquired a new stake in TechnipFMC during the 1st quarter worth approximately $205,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in TechnipFMC during the 1st quarter worth approximately $442,000. Pitcairn Co. purchased a new stake in shares of TechnipFMC in the 1st quarter valued at approximately $232,000. Quadrature Capital Ltd purchased a new stake in shares of TechnipFMC in the 1st quarter valued at approximately $719,000. Finally, 1832 Asset Management L.P. increased its position in shares of TechnipFMC by 70.6% in the 1st quarter. 1832 Asset Management L.P. now owns 54,735 shares of the oil and gas company’s stock valued at $1,374,000 after purchasing an additional 22,645 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTI. Citigroup increased their price objective on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Barclays increased their price objective on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Royal Bank of Canada began coverage on shares of TechnipFMC in a research report on Monday. They issued an “outperform” rating and a $37.00 price objective on the stock. BMO Capital Markets increased their price objective on shares of TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a research report on Thursday, October 10th. Finally, StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, TechnipFMC currently has a consensus rating of “Buy” and a consensus target price of $33.91.

TechnipFMC Trading Up 3.7 %

NYSE FTI opened at $30.06 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14. The firm has a market cap of $12.79 billion, a PE ratio of 19.78 and a beta of 1.51. TechnipFMC plc has a one year low of $18.33 and a one year high of $30.23. The firm’s fifty day moving average is $26.97 and its two-hundred day moving average is $26.45.

TechnipFMC (NYSE:FTI) last issued its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.25. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Analysts expect that TechnipFMC plc will post 1.55 earnings per share for the current year.

TechnipFMC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s payout ratio is 13.16%.

TechnipFMC announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 9.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

TechnipFMC Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.