Westpac Banking Corp Boosts Stock Position in TechnipFMC plc $FTI

Westpac Banking Corp grew its position in TechnipFMC plc (NYSE:FTI) by 599.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,077 shares of the oil and gas company’s stock after purchasing an additional 7,779 shares during the period. Westpac Banking Corp’s holdings in TechnipFMC were worth $627,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FTI. Asset Management One Co. Ltd. acquired a new position in shares of TechnipFMC during the fourth quarter worth about $833,000. Fisher Asset Management LLC raised its position in TechnipFMC by 7.1% in the 4th quarter. Fisher Asset Management LLC now owns 408,437 shares of the oil and gas company’s stock valued at $18,200,000 after buying an additional 27,111 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in TechnipFMC in the 4th quarter valued at approximately $641,000. Archford Capital Strategies LLC bought a new stake in TechnipFMC in the 4th quarter valued at approximately $1,691,000. Finally, HighTower Advisors LLC boosted its position in TechnipFMC by 54.7% during the 4th quarter. HighTower Advisors LLC now owns 46,832 shares of the oil and gas company’s stock worth $2,087,000 after acquiring an additional 16,562 shares during the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTI has been the subject of several research reports. Barclays raised their price target on shares of TechnipFMC from $70.00 to $87.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Piper Sandler increased their target price on shares of TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. Zacks Research downgraded shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. UBS Group set a $80.00 price target on shares of TechnipFMC in a research note on Wednesday, June 3rd. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.64.

TechnipFMC Stock Up 1.1%

NYSE:FTI opened at $75.94 on Friday. TechnipFMC plc has a twelve month low of $34.27 and a twelve month high of $77.78. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 28.99, a price-to-earnings-growth ratio of 1.58 and a beta of 0.70. The company has a quick ratio of 0.88, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $69.42 and its two-hundred day moving average price is $66.11.

TechnipFMC (NYSE:FTI) last released its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the firm posted $0.33 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts expect that TechnipFMC plc will post 3.01 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th were paid a $0.05 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s dividend payout ratio (DPR) is currently 7.63%.

About TechnipFMC

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.