Chescapmanager LLC Sells 25,000 Shares of TechnipFMC plc (NYSE:FTI)

Chescapmanager LLC trimmed its stake in shares of TechnipFMC plc (NYSE:FTI) by 4.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 599,458 shares of the oil and gas company’s stock after selling 25,000 shares during the period. TechnipFMC makes up about 1.7% of Chescapmanager LLC’s investment portfolio, making the stock its 18th biggest position. Chescapmanager LLC owned approximately 0.14% of TechnipFMC worth $15,724,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of TechnipFMC during the third quarter valued at $311,000. True Wealth Design LLC bought a new stake in TechnipFMC during the 3rd quarter worth about $57,000. Maverick Capital Ltd. lifted its position in TechnipFMC by 7.5% during the 3rd quarter. Maverick Capital Ltd. now owns 64,139 shares of the oil and gas company’s stock valued at $1,682,000 after purchasing an additional 4,464 shares during the period. Captrust Financial Advisors boosted its stake in shares of TechnipFMC by 11.7% in the 3rd quarter. Captrust Financial Advisors now owns 40,741 shares of the oil and gas company’s stock valued at $1,069,000 after purchasing an additional 4,273 shares during the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of TechnipFMC during the 3rd quarter worth approximately $250,000. 96.58% of the stock is owned by institutional investors.

TechnipFMC Trading Up 1.2 %

NYSE:FTI opened at $31.37 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89. The business’s 50-day simple moving average is $27.61 and its 200-day simple moving average is $26.63. TechnipFMC plc has a fifty-two week low of $18.33 and a fifty-two week high of $31.53. The stock has a market capitalization of $13.35 billion, a PE ratio of 20.64 and a beta of 1.51.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the firm posted $0.21 earnings per share. The business’s revenue was up 14.2% on a year-over-year basis. Sell-side analysts expect that TechnipFMC plc will post 1.58 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Tuesday, November 19th. TechnipFMC’s payout ratio is presently 13.16%.

TechnipFMC announced that its Board of Directors has approved a share repurchase 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 repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

FTI has been the topic of a number of recent research reports. BMO Capital Markets raised their price objective on shares of TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a research note on Thursday, October 10th. Bank of America increased their price target on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Barclays lifted their price objective on TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Citigroup increased their target price on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, StockNews.com upgraded TechnipFMC from a “hold” rating to a “buy” rating in a report on Friday, November 1st. One equities research 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 company. According to data from MarketBeat.com, TechnipFMC presently has an average rating of “Buy” and an average price target of $33.91.

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.