25,158 Shares in TechnipFMC plc (NYSE:FTI) Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new position in TechnipFMC plc (NYSE:FTI) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 25,158 shares of the oil and gas company’s stock, valued at approximately $728,000.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in TechnipFMC by 203.6% in the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 735 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new stake in shares of TechnipFMC in the 4th quarter valued at about $45,000. V Square Quantitative Management LLC lifted its stake in shares of TechnipFMC by 48.2% in the 4th quarter. V Square Quantitative Management LLC now owns 1,730 shares of the oil and gas company’s stock valued at $50,000 after acquiring an additional 563 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of TechnipFMC in the 3rd quarter valued at about $56,000. Finally, True Wealth Design LLC bought a new stake in shares of TechnipFMC in the 3rd quarter valued at about $57,000. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Price Performance

FTI opened at $30.78 on Thursday. The stock has a fifty day simple moving average of $30.75 and a two-hundred day simple moving average of $28.45. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. The company has a market cap of $13.09 billion, a price-to-earnings ratio of 20.25 and a beta of 1.52. TechnipFMC plc has a 12-month low of $19.48 and a 12-month high of $33.45.

TechnipFMC declared that its Board of Directors has initiated a stock buyback program on Wednesday, October 23rd that allows the company to repurchase $1.00 billion in 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 of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTI. HSBC upgraded TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, October 29th. Susquehanna upped their price target on shares of TechnipFMC from $35.00 to $37.00 and gave the company a “positive” rating in a report on Friday, October 25th. Piper Sandler initiated coverage on shares of TechnipFMC in a research note on Thursday, December 19th. They set an “overweight” rating and a $39.00 price objective for the company. Hsbc Global Res raised shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group raised TechnipFMC from a “hold” rating to a “buy” rating and upped their price target for the company from $29.00 to $40.00 in a research report on Friday, December 6th. 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. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $36.15.

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.