Wealth Enhancement Advisory Services LLC Boosts Stock Holdings in TechnipFMC plc $FTI

Wealth Enhancement Advisory Services LLC boosted its position in TechnipFMC plc (NYSE:FTI) by 43.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 171,168 shares of the oil and gas company’s stock after purchasing an additional 51,998 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in TechnipFMC were worth $6,540,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Boston Partners increased its position in shares of TechnipFMC by 267.5% during the second quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock valued at $333,041,000 after acquiring an additional 7,038,640 shares during the last quarter. Norges Bank bought a new position in TechnipFMC in the 2nd quarter valued at $151,413,000. Pacer Advisors Inc. increased its position in shares of TechnipFMC by 91.5% during the 3rd quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock valued at $151,382,000 after purchasing an additional 1,833,601 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of TechnipFMC by 61.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 3,399,955 shares of the oil and gas company’s stock worth $117,094,000 after purchasing an additional 1,296,358 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of TechnipFMC by 13.8% in the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after buying an additional 1,202,713 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Up 0.6%

FTI opened at $54.28 on Monday. TechnipFMC plc has a 12 month low of $22.11 and a 12 month high of $55.05. The company has a market cap of $21.96 billion, a PE ratio of 24.23, a price-to-earnings-growth ratio of 1.06 and a beta of 0.66. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $46.91 and a 200 day moving average of $41.00.

TechnipFMC (NYSE:FTI) last posted its earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.10. TechnipFMC had a return on equity of 30.23% and a net margin of 9.67%.The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same quarter in the prior year, the business posted $0.64 earnings per share. The business’s quarterly revenue was up 12.7% on a year-over-year basis. On average, sell-side analysts expect that TechnipFMC plc will post 1.63 EPS for the current year.

TechnipFMC declared that its board has authorized a share buyback plan on Wednesday, October 22nd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 13.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

FTI has been the topic of several research reports. Piper Sandler lifted their price objective on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Citigroup lifted their price target on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. UBS Group reiterated an “outperform” rating on shares of TechnipFMC in a research note on Tuesday, October 28th. JPMorgan Chase & Co. increased their price objective on TechnipFMC from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 2nd. Finally, Zacks Research lowered TechnipFMC from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, TechnipFMC has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

TechnipFMC Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.