Teacher Retirement System of Texas Decreases Position in TechnipFMC plc $FTI

Teacher Retirement System of Texas decreased its position in shares of TechnipFMC plc (NYSE:FTI) by 8.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 162,370 shares of the oil and gas company’s stock after selling 15,938 shares during the quarter. Teacher Retirement System of Texas’ holdings in TechnipFMC were worth $6,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of TechnipFMC by 5,475.0% in the 3rd quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 657 shares in the last quarter. Geneos Wealth Management Inc. lifted 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 purchasing an additional 340 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of TechnipFMC during the second quarter valued at $44,000. McIlrath & Eck LLC increased its holdings in TechnipFMC by 476.3% in the 3rd quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock worth $49,000 after buying an additional 1,024 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new position in TechnipFMC in the 3rd quarter worth about $51,000. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Stock Up 0.6%

Shares of FTI stock opened at $54.58 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. TechnipFMC plc has a 12 month low of $22.11 and a 12 month high of $55.24. The stock has a market cap of $22.08 billion, a P/E ratio of 24.37, a P/E/G ratio of 1.06 and a beta of 0.66. The company has a 50 day simple moving average of $47.15 and a two-hundred day simple moving average of $41.14.

TechnipFMC announced that its board has initiated a stock 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 typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. BNP Paribas Exane set a $47.00 price objective on shares of TechnipFMC and gave the company an “outperform” rating in a research report on Friday, October 10th. UBS Group reaffirmed an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. TD Cowen reissued a “buy” rating on shares of TechnipFMC in a report on Wednesday, January 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, TechnipFMC currently has a consensus rating of “Moderate Buy” and an average 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.