Short Interest in TechnipFMC plc (NYSE:FTI) Drops By 6.2%

Posted by Defense World Staff on Aug 2nd, 2023

TechnipFMC plc (NYSE:FTI – Get Free Report) was the target of a large decrease in short interest in July. As of July 15th, there was short interest totalling 20,450,000 shares, a decrease of 6.2% from the June 30th total of 21,810,000 shares. Based on an average daily trading volume, of 6,450,000 shares, the short-interest ratio is currently 3.2 days. Approximately 4.7% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FTI. Global Retirement Partners LLC raised its holdings in TechnipFMC by 52.1% in the first quarter. Global Retirement Partners LLC now owns 2,728 shares of the oil and gas company’s stock valued at $35,000 after buying an additional 934 shares during the period. Signaturefd LLC raised its holdings in TechnipFMC by 88.5% in the fourth quarter. Signaturefd LLC now owns 2,964 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 1,392 shares during the period. Captrust Financial Advisors raised its stake in shares of TechnipFMC by 65.1% during the second quarter. Captrust Financial Advisors now owns 7,461 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 2,943 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of TechnipFMC during the first quarter valued at approximately $51,000. Finally, Stephens Inc. AR purchased a new stake in shares of TechnipFMC during the fourth quarter valued at approximately $54,000. Hedge funds and other institutional investors own 93.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays upped their target price on shares of TechnipFMC from $20.00 to $24.00 and gave the company an “overweight” rating in a report on Monday. TheStreet upgraded shares of TechnipFMC from a “c+” rating to a “b-” rating in a report on Friday, July 7th. Capital One Financial restated an “overweight” rating and issued a $22.00 target price on shares of TechnipFMC in a report on Friday, July 14th. BTIG Research upped their price target on shares of TechnipFMC from $18.00 to $23.00 in a research report on Monday, June 26th. Finally, StockNews.com assumed coverage on shares of TechnipFMC in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, TechnipFMC currently has an average rating of “Moderate Buy” and a consensus target price of $19.41.

TechnipFMC Price Performance

TechnipFMC stock opened at $17.90 on Wednesday. TechnipFMC has a 12-month low of $7.88 and a 12-month high of $19.15. The stock has a market capitalization of $7.84 billion, a P/E ratio of -59.66 and a beta of 1.80. The firm’s 50-day moving average is $16.02 and its two-hundred day moving average is $14.50. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.18 and a quick ratio of 0.92.

TechnipFMC (NYSE:FTI – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). TechnipFMC had a positive return on equity of 1.15% and a negative net margin of 1.89%. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same period in the prior year, the business earned $0.02 earnings per share. TechnipFMC’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts predict that TechnipFMC will post 0.46 earnings per share for the current year.

TechnipFMC announced that its board has initiated a stock buyback program on Wednesday, July 26th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

TechnipFMC Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Tuesday, August 22nd will be given a $0.05 dividend. The ex-dividend date is Monday, August 21st. This represents a $0.20 annualized dividend and a dividend yield of 1.12%. TechnipFMC’s dividend payout ratio is presently -66.66%.

About TechnipFMC

(Get Free Report)

TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. 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.