TechnipFMC plc (NYSE:FTI) Shares Sold by Jennison Associates LLC

Jennison Associates LLC trimmed its holdings in shares of TechnipFMC plc (NYSE:FTI) by 1.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,330,504 shares of the oil and gas company’s stock after selling 30,083 shares during the period. Jennison Associates LLC’s holdings in TechnipFMC were worth $67,445,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. bought a new position in TechnipFMC during the 3rd quarter valued at $185,643,000. Westfield Capital Management Co. LP acquired a new stake in shares of TechnipFMC in the third quarter valued at $49,273,000. Hardman Johnston Global Advisors LLC boosted its stake in TechnipFMC by 13.5% during the third quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock valued at $236,482,000 after buying an additional 1,071,103 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in TechnipFMC by 68.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,694,759 shares of the oil and gas company’s stock worth $44,454,000 after acquiring an additional 688,622 shares during the period. Finally, Franklin Resources Inc. raised its position in TechnipFMC by 23.0% in the third quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock worth $98,838,000 after acquiring an additional 679,748 shares in the last quarter. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Stock Performance

FTI stock opened at $30.16 on Tuesday. The firm has a 50 day simple moving average of $30.79 and a 200 day simple moving average of $28.24. TechnipFMC plc has a 52 week low of $18.53 and a 52 week high of $33.45. The stock has a market cap of $12.83 billion, a P/E ratio of 19.84 and a beta of 1.54. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on FTI shares. Susquehanna lifted their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research note on Friday, October 25th. HSBC upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Tuesday, October 29th. Royal Bank of Canada assumed coverage on TechnipFMC in a research report on Monday, November 18th. They set an “outperform” rating and a $37.00 price objective for the company. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Citigroup upped their target price on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, TechnipFMC presently has an average rating of “Buy” and an average price target of $36.15.

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.