TechnipFMC plc (NYSE:FTI) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its position in TechnipFMC plc (NYSE:FTI – Get Rating) by 18.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,058,100 shares of the oil and gas company’s stock after selling 235,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.24% of TechnipFMC worth $8,952,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. William Blair Investment Management LLC purchased a new position in shares of TechnipFMC in the 2nd quarter valued at about $40,881,000. Cibc World Market Inc. acquired a new position in TechnipFMC in the second quarter valued at $203,000. Janney Capital Management LLC grew its holdings in shares of TechnipFMC by 6.1% during the third quarter. Janney Capital Management LLC now owns 46,599 shares of the oil and gas company’s stock worth $394,000 after purchasing an additional 2,697 shares during the last quarter. FirstPurpose Wealth LLC increased its position in shares of TechnipFMC by 20.4% during the third quarter. FirstPurpose Wealth LLC now owns 13,383 shares of the oil and gas company’s stock worth $113,000 after purchasing an additional 2,269 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of TechnipFMC by 5.2% in the 2nd quarter. Franklin Resources Inc. now owns 19,389,484 shares of the oil and gas company’s stock valued at $130,491,000 after purchasing an additional 957,874 shares during the last quarter. 94.52% of the stock is owned by hedge funds and other institutional investors.

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TechnipFMC Stock Performance

Shares of FTI opened at $15.17 on Wednesday. TechnipFMC plc has a 1 year low of $5.47 and a 1 year high of $16.03. The company’s 50 day simple moving average is $13.48 and its 200 day simple moving average is $11.45. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.95 and a current ratio of 1.20. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -65.96 and a beta of 1.75.

TechnipFMC (NYSE:FTI – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The oil and gas company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). TechnipFMC had a negative return on equity of 0.38% and a negative net margin of 1.60%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that TechnipFMC plc will post 0.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on FTI shares. Cowen lifted their price target on TechnipFMC from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, February 24th. Piper Sandler lifted their price objective on shares of TechnipFMC from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, November 18th. Citigroup increased their target price on shares of TechnipFMC from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, February 28th. Benchmark initiated coverage on TechnipFMC in a research report on Thursday, January 19th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, BTIG Research increased their price objective on TechnipFMC from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, February 24th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, TechnipFMC currently has a consensus rating of “Moderate Buy” and an average price target of $15.45.

About TechnipFMC

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TechnipFMC plc is an energy service company, which engages in the provision of solutions for the production and transformation of hydrocarbons. It operates through the following segments: Subsea and Surface Technologies. The Subsea segment engages in designs and manufactures products and systems, performs engineering, procurement and project management, and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas.

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