M&T Bank Corp Purchases 3,255 Shares of TechnipFMC plc (NYSE:FTI)

M&T Bank Corp grew its position in TechnipFMC plc (NYSE:FTI) by 18.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,602 shares of the oil and gas company’s stock after acquiring an additional 3,255 shares during the quarter. M&T Bank Corp’s holdings in TechnipFMC were worth $541,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of FTI. Raymond James & Associates boosted its stake in TechnipFMC by 12.0% during the second quarter. Raymond James & Associates now owns 339,386 shares of the oil and gas company’s stock worth $8,875,000 after buying an additional 36,326 shares in the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of TechnipFMC by 5.1% during the 2nd quarter. Pallas Capital Advisors LLC now owns 8,901 shares of the oil and gas company’s stock worth $246,000 after acquiring an additional 433 shares during the period. Fifth Third Bancorp boosted its position in shares of TechnipFMC by 7,374.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,317 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 2,286 shares in the last quarter. Hennessy Advisors Inc. increased its stake in TechnipFMC by 1,785.9% in the second quarter. Hennessy Advisors Inc. now owns 336,440 shares of the oil and gas company’s stock valued at $8,798,000 after acquiring an additional 318,600 shares during the period. Finally, Calamos Wealth Management LLC raised its position in TechnipFMC by 9.2% in the second quarter. Calamos Wealth Management LLC now owns 37,220 shares of the oil and gas company’s stock worth $973,000 after purchasing an additional 3,138 shares in the last quarter. Institutional investors and hedge funds own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

FTI has been the topic of several analyst reports. Susquehanna upped their price objective on TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a research note on Friday, October 25th. Royal Bank of Canada began coverage on TechnipFMC in a research report on Monday, November 18th. They issued an “outperform” rating and a $37.00 price target on the stock. HSBC raised TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, October 29th. BMO Capital Markets increased their target price on shares of TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. Finally, The Goldman Sachs Group initiated coverage on shares of TechnipFMC in a research report on Friday, December 13th. They issued a “buy” rating and a $38.00 price target on the stock. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, TechnipFMC has an average rating of “Buy” and an average price target of $34.69.

TechnipFMC Price Performance

FTI opened at $29.95 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89. The company’s 50 day simple moving average is $28.58 and its 200-day simple moving average is $27.03. TechnipFMC plc has a one year low of $18.33 and a one year high of $32.64. The stock has a market capitalization of $12.74 billion, a P/E ratio of 19.70 and a beta of 1.54.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the firm earned $0.21 EPS. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. Sell-side analysts anticipate that TechnipFMC plc will post 1.61 earnings per share for the current fiscal year.

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

TechnipFMC Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.67%. The ex-dividend date was Tuesday, November 19th. TechnipFMC’s dividend payout ratio (DPR) is presently 13.16%.

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.