TechnipFMC plc $FTI Stock Holdings Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in TechnipFMC plc (NYSE:FTI) by 5,157.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 912,896 shares of the oil and gas company’s stock after acquiring an additional 895,533 shares during the period. Principal Financial Group Inc. owned 0.23% of TechnipFMC worth $36,014,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FTI. Blue Trust Inc. increased its position in TechnipFMC by 5,475.0% in the third quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after buying an additional 657 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of TechnipFMC by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after acquiring an additional 340 shares during the period. McIlrath & Eck LLC grew its position in shares of TechnipFMC by 476.3% during the third quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock worth $49,000 after acquiring an additional 1,024 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in TechnipFMC in the 2nd quarter valued at about $44,000. Finally, Root Financial Partners LLC acquired a new position in TechnipFMC during the 3rd quarter valued at about $51,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

TechnipFMC Stock Performance

Shares of FTI opened at $56.14 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. The firm’s 50 day moving average is $49.01 and its 200-day moving average is $42.28. TechnipFMC plc has a 12-month low of $22.11 and a 12-month high of $57.64. The stock has a market capitalization of $22.71 billion, a P/E ratio of 25.06, a P/E/G ratio of 1.10 and a beta of 0.69.

TechnipFMC announced that its board has initiated a share buyback plan on Wednesday, October 22nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 13.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FTI. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Susquehanna raised their target price on shares of TechnipFMC from $48.00 to $56.00 and gave the company a “positive” rating in a research note on Wednesday, January 7th. Piper Sandler upped their price target on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Royal Bank Of Canada increased their price objective on shares of TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Zacks Research raised TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Company 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.