Verition Fund Management LLC Boosts Stake in TechnipFMC plc (NYSE:FTI)

Verition Fund Management LLC increased its position in TechnipFMC plc (NYSE:FTIGet Rating) by 47.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,399 shares of the oil and gas company’s stock after buying an additional 36,117 shares during the period. Verition Fund Management LLC’s holdings in TechnipFMC were worth $871,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. AlphaCrest Capital Management LLC raised its position in TechnipFMC by 2.8% during the first quarter. AlphaCrest Capital Management LLC now owns 66,870 shares of the oil and gas company’s stock valued at $518,000 after purchasing an additional 1,832 shares during the period. CAPROCK Group Inc. raised its position in TechnipFMC by 23.3% during the first quarter. CAPROCK Group Inc. now owns 13,220 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 2,494 shares during the period. Kestra Advisory Services LLC raised its position in TechnipFMC by 23.1% during the first quarter. Kestra Advisory Services LLC now owns 13,669 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 2,563 shares during the period. Pitcairn Co. raised its position in TechnipFMC by 7.8% during the first quarter. Pitcairn Co. now owns 48,787 shares of the oil and gas company’s stock valued at $378,000 after purchasing an additional 3,513 shares during the period. Finally, Argent Trust Co raised its position in TechnipFMC by 35.4% during the first quarter. Argent Trust Co now owns 13,798 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 3,607 shares during the period. 93.11% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Stock Down 1.3 %

TechnipFMC stock opened at $9.04 on Thursday. The business has a fifty day moving average of $8.08 and a two-hundred day moving average of $7.69. The company has a quick ratio of 1.00, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The firm has a market cap of $4.09 billion, a P/E ratio of -16.44 and a beta of 1.87. TechnipFMC plc has a twelve month low of $5.47 and a twelve month high of $9.49.

TechnipFMC (NYSE:FTIGet Rating) last posted its earnings results on Wednesday, July 27th. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.71 billion. TechnipFMC had a negative return on equity of 2.48% and a negative net margin of 3.88%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.06) EPS. On average, analysts forecast that TechnipFMC plc will post 0.16 earnings per share for the current fiscal year.

TechnipFMC announced that its board has authorized a share repurchase program on Wednesday, July 27th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 13.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FTI shares. Cowen decreased their price objective on TechnipFMC from $15.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, June 23rd. BNP Paribas raised TechnipFMC from a “neutral” rating to an “outperform” rating and set a $14.50 target price on the stock in a research note on Wednesday. Cowen cut their target price on TechnipFMC from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, June 23rd. Bank of America raised TechnipFMC from a “neutral” rating to a “buy” rating and cut their target price for the company from $9.50 to $8.00 in a research note on Friday, July 15th. Finally, Exane BNP Paribas raised TechnipFMC from a “neutral” rating to an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, TechnipFMC currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.35.

TechnipFMC Profile

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TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. 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.

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Institutional Ownership by Quarter for TechnipFMC (NYSE:FTI)

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