Oak Harvest Investment Services Acquires 5,707 Shares of TechnipFMC plc (NYSE:FTI)

Oak Harvest Investment Services increased its stake in TechnipFMC plc (NYSE:FTI) by 5.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,369 shares of the oil and gas company’s stock after buying an additional 5,707 shares during the quarter. Oak Harvest Investment Services’ holdings in TechnipFMC were worth $3,165,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in FTI. Pacer Advisors Inc. bought a new position in TechnipFMC during the third quarter worth $185,643,000. Westfield Capital Management Co. LP acquired a new stake in TechnipFMC during the 3rd quarter worth approximately $49,273,000. Jennison Associates LLC grew its holdings in TechnipFMC by 95.0% in the 3rd quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock valued at $61,918,000 after buying an additional 1,150,049 shares in the last quarter. Hardman Johnston Global Advisors LLC increased its position in TechnipFMC by 13.5% during the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after buying an additional 1,071,103 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position 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. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Stock Performance

Shares of FTI stock opened at $30.60 on Friday. The stock has a market capitalization of $13.02 billion, a PE ratio of 20.13 and a beta of 1.54. TechnipFMC plc has a one year low of $18.53 and a one year high of $33.45. 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 $30.82 and its 200 day simple moving average is $28.21.

TechnipFMC declared that its board has initiated a stock 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 buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Evercore ISI boosted their price target on TechnipFMC from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Hsbc Global Res upgraded shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. HSBC raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday, October 29th. Piper Sandler assumed coverage on TechnipFMC in a report on Thursday, December 19th. They issued an “overweight” rating and a $39.00 target price on the stock. Finally, Barclays raised their price objective on TechnipFMC from $37.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $36.15.

About TechnipFMC

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.