TechnipFMC plc (NYSE:FTI) Shares Bought by Teacher Retirement System of Texas

Posted by Defense World Staff on Oct 5th, 2023

Teacher Retirement System of Texas lifted its holdings in TechnipFMC plc (NYSE:FTI – Free Report) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,381 shares of the oil and gas company’s stock after purchasing an additional 3,932 shares during the period. Teacher Retirement System of Texas’ holdings in TechnipFMC were worth $2,150,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Alliancebernstein L.P. increased its position in shares of TechnipFMC by 68,732.1% in the fourth quarter. Alliancebernstein L.P. now owns 7,053,918 shares of the oil and gas company’s stock worth $85,987,000 after acquiring an additional 7,043,670 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of TechnipFMC by 11.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 58,933,447 shares of the oil and gas company’s stock worth $718,398,000 after acquiring an additional 5,888,998 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of TechnipFMC by 365.6% in the first quarter. Balyasny Asset Management L.P. now owns 3,900,227 shares of the oil and gas company’s stock worth $53,238,000 after acquiring an additional 3,062,530 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of TechnipFMC by 126.8% in the first quarter. Goldman Sachs Group Inc. now owns 4,665,387 shares of the oil and gas company’s stock worth $36,157,000 after acquiring an additional 2,608,136 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of TechnipFMC by 144.0% in the first quarter. Renaissance Technologies LLC now owns 4,406,900 shares of the oil and gas company’s stock worth $34,153,000 after acquiring an additional 2,600,600 shares in the last quarter. Institutional investors and hedge funds own 98.79% of the company’s stock.

TechnipFMC Stock Down 3.3 %

Shares of NYSE FTI opened at $19.27 on Thursday. The firm’s 50-day simple moving average is $19.39 and its 200 day simple moving average is $16.31. The company has a market cap of $8.44 billion, a price-to-earnings ratio of -64.21 and a beta of 1.76. The company has a quick ratio of 0.92, a current ratio of 1.18 and a debt-to-equity ratio of 0.34. TechnipFMC plc has a 12-month low of $8.93 and a 12-month high of $21.67.

TechnipFMC (NYSE:FTI – Get Free Report) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). TechnipFMC had a negative net margin of 1.89% and a positive return on equity of 1.15%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the company posted $0.02 earnings per share. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, research analysts expect that TechnipFMC plc will post 0.44 earnings per share for the current fiscal year.

TechnipFMC Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 6th. Shareholders of record on Tuesday, August 22nd were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, August 21st. This represents a $0.20 dividend on an annualized basis and a yield of 1.04%. TechnipFMC’s payout ratio is presently -66.66%.

TechnipFMC declared that its board has initiated a share repurchase plan on Wednesday, July 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTI. Susquehanna raised their price target on shares of TechnipFMC from $22.00 to $25.00 and gave the stock a “positive” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of TechnipFMC from $17.00 to $22.00 in a report on Tuesday, July 11th. HSBC lifted their target price on shares of TechnipFMC from $13.80 to $23.20 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. TheStreet upgraded shares of TechnipFMC from a “c+” rating to a “b-” rating in a research note on Friday, July 7th. Finally, Kepler Capital Markets cut shares of TechnipFMC from a “buy” rating to a “hold” rating and lifted their target price for the company from $19.00 to $19.50 in a research note on Tuesday, August 1st. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.97.

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TechnipFMC Profile

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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.