JPMorgan Chase & Co. Sells 921,575 Shares of TechnipFMC plc $FTI

JPMorgan Chase & Co. cut its position in TechnipFMC plc (NYSE:FTI) by 9.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,983,029 shares of the oil and gas company’s stock after selling 921,575 shares during the period. JPMorgan Chase & Co.’s holdings in TechnipFMC were worth $400,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in FTI. Harbor Investment Advisory LLC purchased a new position in shares of TechnipFMC in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. purchased a new position in shares of TechnipFMC in the third quarter valued at $32,000. Geneos Wealth Management Inc. grew its position in shares of TechnipFMC by 45.3% in 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. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of TechnipFMC in the fourth quarter valued at $41,000. Finally, Torren Management LLC purchased a new position in shares of TechnipFMC in the fourth quarter valued at $45,000. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other TechnipFMC news, Director Rousset Sophie Zurquiyah sold 6,350 shares of the company’s stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $69.32, for a total value of $440,182.00. Following the transaction, the director directly owned 59,887 shares in the company, valued at $4,151,366.84. This represents a 9.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is owned by corporate insiders.

TechnipFMC Price Performance

Shares of NYSE FTI opened at $70.13 on Thursday. The firm has a market capitalization of $27.96 billion, a P/E ratio of 26.77, a P/E/G ratio of 1.47 and a beta of 0.69. 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 simple moving average is $71.62 and its two-hundred day simple moving average is $60.89. TechnipFMC plc has a twelve month low of $31.88 and a twelve month high of $77.78.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. As a group, equities analysts anticipate that TechnipFMC plc will post 2.98 EPS for the current fiscal year.

TechnipFMC Announces Dividend

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

Analyst Upgrades and Downgrades

FTI has been the subject of several recent research reports. Piper Sandler lifted their price target on TechnipFMC from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Citigroup lifted their price target on TechnipFMC from $48.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Royal Bank Of Canada lifted their price target on TechnipFMC from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Zacks Research cut TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, HSBC cut TechnipFMC from a “buy” rating to a “hold” rating and lifted their price target for the company from $49.00 to $62.00 in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.71.

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.