Cumberland Partners Ltd Sells 35,000 Shares of TechnipFMC plc $FTI

Cumberland Partners Ltd decreased its position in TechnipFMC plc (NYSE:FTI) by 53.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,000 shares of the oil and gas company’s stock after selling 35,000 shares during the quarter. Cumberland Partners Ltd’s holdings in TechnipFMC were worth $2,074,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of TechnipFMC by 26.7% in the fourth quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company’s stock worth $751,567,000 after purchasing an additional 3,549,839 shares during the last quarter. State Street Corp raised its position in TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after purchasing an additional 4,938,498 shares during the last quarter. Invesco Ltd. raised its position in TechnipFMC by 64.9% during the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock valued at $502,284,000 after purchasing an additional 4,437,960 shares during the last quarter. Boston Partners lifted its holdings in TechnipFMC by 2.0% in the 3rd quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company’s stock worth $389,018,000 after buying an additional 192,549 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in TechnipFMC by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,577,261 shares of the oil and gas company’s stock worth $337,714,000 after buying an additional 193,244 shares during the period. 96.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTI has been the topic of several research analyst reports. Evercore reissued an “outperform” rating and set a $83.00 target price on shares of TechnipFMC in a research note on Friday, May 1st. UBS Group set a $80.00 price target on TechnipFMC in a research note on Wednesday, June 3rd. Barclays lifted their price target on shares of TechnipFMC from $70.00 to $87.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Piper Sandler boosted their price objective on shares of TechnipFMC from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Finally, Wall Street Zen upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, TechnipFMC presently has an average rating of “Moderate Buy” and an average price target of $69.64.

TechnipFMC Stock Up 0.9%

FTI stock opened at $76.70 on Friday. TechnipFMC plc has a fifty-two week low of $34.27 and a fifty-two week high of $77.92. The company has a market capitalization of $30.58 billion, a price-to-earnings ratio of 29.28, a price-to-earnings-growth ratio of 1.60 and a beta of 0.70. The business’s 50 day moving average price is $69.53 and its two-hundred day moving average price is $66.19. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 1.13.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the business posted $0.33 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, analysts forecast that TechnipFMC plc will post 3.01 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th were issued a $0.05 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s dividend payout ratio is 7.63%.

TechnipFMC Company Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.