Gabelli Funds LLC Sells 15,500 Shares of TechnipFMC plc $FTI

Gabelli Funds LLC cut its stake in shares of TechnipFMC plc (NYSE:FTI) by 7.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 193,411 shares of the oil and gas company’s stock after selling 15,500 shares during the quarter. Gabelli Funds LLC’s holdings in TechnipFMC were worth $7,630,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Boston Partners boosted its holdings in shares of TechnipFMC by 267.5% in 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 purchasing an additional 7,038,640 shares during the period. Norges Bank purchased a new position in TechnipFMC during the 2nd quarter worth $151,413,000. Pacer Advisors Inc. raised its position in 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 in the last quarter. Bank of New York Mellon Corp raised its position in TechnipFMC by 80.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock valued at $125,144,000 after purchasing an additional 1,415,621 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of TechnipFMC by 61.6% in 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 buying an additional 1,296,358 shares during the period. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Trading Down 2.3%

Shares of NYSE:FTI opened at $62.93 on Monday. The company has a market capitalization of $25.18 billion, a PE ratio of 27.24, a P/E/G ratio of 1.16 and a beta of 0.70. The company has a current ratio of 1.13, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. TechnipFMC plc has a 12-month low of $22.11 and a 12-month high of $68.29. The business’s fifty day simple moving average is $56.56 and its 200-day simple moving average is $46.51.

TechnipFMC (NYSE:FTI) last issued its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.19. TechnipFMC had a return on equity of 31.14% and a net margin of 9.70%.The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the business posted $0.54 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts predict that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s payout ratio is currently 8.66%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FTI. Susquehanna increased their price target on TechnipFMC from $56.00 to $71.00 and gave the stock a “positive” rating in a research report on Friday, February 20th. HSBC downgraded TechnipFMC from a “buy” rating to a “hold” rating and lifted their price objective for the company from $49.00 to $62.00 in a report on Friday, February 20th. Zacks Research raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 23rd. Royal Bank Of Canada raised their target price on shares of TechnipFMC from $47.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Finally, Piper Sandler boosted their price target on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.47.

Insider Activity at TechnipFMC

In other TechnipFMC news, Director Carvalho Filho Eleazar De sold 6,350 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $65.40, for a total transaction of $415,290.00. Following the completion of the sale, the director directly owned 97,860 shares of the company’s stock, valued at approximately $6,400,044. This represents a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.80% of the company’s stock.

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.