Morse Asset Management Inc Grows Stock Holdings in TechnipFMC plc (NYSE:FTI)

Morse Asset Management Inc increased its stake in shares of TechnipFMC plc (NYSE:FTI) by 1.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,575 shares of the oil and gas company’s stock after buying an additional 1,245 shares during the period. Morse Asset Management Inc’s holdings in TechnipFMC were worth $1,772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in FTI. Raymond James & Associates lifted its holdings in shares of TechnipFMC by 12.0% in the second quarter. Raymond James & Associates now owns 339,386 shares of the oil and gas company’s stock valued at $8,875,000 after purchasing an additional 36,326 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of TechnipFMC by 971.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 407,638 shares of the oil and gas company’s stock valued at $10,692,000 after purchasing an additional 369,594 shares in the last quarter. ING Groep NV lifted its holdings in shares of TechnipFMC by 15.3% in the third quarter. ING Groep NV now owns 865,294 shares of the oil and gas company’s stock valued at $22,697,000 after purchasing an additional 114,600 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of TechnipFMC during the third quarter valued at approximately $575,000. Finally, Westfield Capital Management Co. LP purchased a new position in shares of TechnipFMC during the third quarter valued at approximately $49,273,000. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Price Performance

FTI opened at $31.52 on Wednesday. The company has a fifty day simple moving average of $27.77 and a 200 day simple moving average of $26.70. The firm has a market cap of $13.41 billion, a price-to-earnings ratio of 20.74 and a beta of 1.54. TechnipFMC plc has a twelve month low of $18.33 and a twelve month high of $31.76. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the firm posted $0.21 EPS. The firm’s revenue was up 14.2% compared to the same quarter last year. Equities research analysts expect that TechnipFMC plc will post 1.58 EPS for the current fiscal year.

TechnipFMC declared that its board has initiated a share buyback program on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

TechnipFMC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th will be given a $0.05 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. TechnipFMC’s payout ratio is currently 13.16%.

Analysts Set New Price Targets

FTI has been the topic of several recent analyst reports. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Hsbc Global Res raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Barclays upped their price objective on shares of TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. TD Cowen reaffirmed a “buy” rating and set a $37.00 price target on shares of TechnipFMC in a research report on Wednesday, November 27th. Finally, Citigroup upped their price target on shares of TechnipFMC from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $33.91.

TechnipFMC Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.