Castleark Management LLC Sells 13,850 Shares of TechnipFMC plc (NYSE:FTI)

Castleark Management LLC reduced its holdings in TechnipFMC plc (NYSE:FTI) by 2.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 469,280 shares of the oil and gas company’s stock after selling 13,850 shares during the period. Castleark Management LLC’s holdings in TechnipFMC were worth $12,309,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. purchased a new position in TechnipFMC during the third quarter worth about $185,643,000. Westfield Capital Management Co. LP purchased a new position in shares of TechnipFMC during the 3rd quarter valued at $49,273,000. Jennison Associates LLC raised its holdings in shares of TechnipFMC by 95.0% in the 3rd quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock valued at $61,918,000 after acquiring an additional 1,150,049 shares in the last quarter. Anomaly Capital Management LP increased its holdings in shares of TechnipFMC by 50.3% in the 2nd quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock worth $89,429,000 after buying an additional 1,144,087 shares during the last quarter. Finally, Hardman Johnston Global Advisors LLC lifted its stake in TechnipFMC by 13.5% during the third quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock worth $236,482,000 after purchasing an additional 1,071,103 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FTI shares. Royal Bank of Canada initiated coverage on shares of TechnipFMC in a report on Monday, November 18th. They set an “outperform” rating and a $37.00 price target for the company. Bank of America boosted their price objective on shares of TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Barclays lifted their target price on shares of TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Jefferies Financial Group raised TechnipFMC from a “hold” rating to a “buy” rating and increased their price objective for the company from $29.00 to $40.00 in a research report on Friday. Finally, Susquehanna boosted their price target on TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $34.42.

TechnipFMC Price Performance

FTI stock opened at $30.73 on Friday. TechnipFMC plc has a 52-week low of $18.33 and a 52-week high of $32.64. The stock’s fifty day simple moving average is $28.09 and its 200-day simple moving average is $26.79. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $13.07 billion, a price-to-earnings ratio of 20.22 and a beta of 1.54.

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

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend was Tuesday, November 19th. TechnipFMC’s payout ratio is 13.16%.

TechnipFMC declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 23rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and gas company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

TechnipFMC Company 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.