TechnipFMC plc $FTI Holdings Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in shares of TechnipFMC plc (NYSE:FTI) by 5,157.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 912,896 shares of the oil and gas company’s stock after acquiring an additional 895,533 shares during the period. Principal Financial Group Inc.’s holdings in TechnipFMC were worth $36,014,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Blue Trust Inc. grew its holdings in shares of TechnipFMC by 5,475.0% during the third quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 657 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 340 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of TechnipFMC during the second quarter worth approximately $44,000. McIlrath & Eck LLC grew its position in TechnipFMC by 476.3% during the third quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 1,024 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new position in TechnipFMC during the third quarter valued at approximately $51,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FTI shares. Weiss Ratings reissued a “buy (b)” rating on shares of TechnipFMC in a research note on Thursday, January 22nd. Barclays increased their price objective on TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. BNP Paribas Exane set a $47.00 price objective on TechnipFMC and gave the company an “outperform” rating in a research report on Friday, October 10th. Citigroup boosted their price target on TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, Zacks Research upgraded shares of TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, TechnipFMC currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Stock Performance

Shares of NYSE FTI opened at $56.14 on Friday. The business’s 50-day simple moving average is $49.01 and its 200-day simple moving average is $42.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. TechnipFMC plc has a 52 week low of $22.11 and a 52 week high of $57.64. The firm has a market cap of $22.71 billion, a price-to-earnings ratio of 25.06, a P/E/G ratio of 1.10 and a beta of 0.69.

TechnipFMC declared that its board has initiated a share repurchase plan on Wednesday, October 22nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 13.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.